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Bulgaria To Introduce Tax Relief For Lowest Earners

By Lorys Charalambous, Tax-News.com, Cyprus

22 November 2013


Bulgaria's Prime Minister Minister Plamen Oresharski has announced plans for a new tax relief scheme for the country's 200,000 lowest earners, as a way to raise income levels without increasing costs for business.

Those who receive the minimum wage during 2014 will be able to claim relief via a simplified tax return form at the start of 2015.

Speaking during a discussion in Parliament on poverty in Bulgaria, Oresharski explained that the scheme would allow the Government to increase the income of those earning the minimum wage while retaining the advantages of proportional taxation. In contrast, increasing the minimum wage would threaten competitiveness and create the risk of increasing unemployment,

He added that although the move would not solve the problem of poverty, it would mitigate it, and provide a "fairer distribution of resources in a cohesive society."

The Government has consulted on the scheme with economic exerts and the two national unions.

TAGS: tax | business | Bulgaria | tax breaks | individual income tax

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