Corporate tax in Bulgaria is to be cut to 10 per cent, after Bulgaria’s Parliament approved the second reading of clauses of the Corporate Tax Bill.
Bulgarian news agency BTA quoted Parliament’s budget and finance committee chairperson Petar Dimitrov as saying that the corporate tax decrease would reduce revenue to the state budget by 290 million leva.
Deputy Finance Minister Georgi Kadiev said that the corporate tax cut would encourage most companies to declare their full income.
Bulgaria’s corporate tax would be one of the lowest in the EU, Kadiev said, as quoted by BTA.
Parliament is to vote on the rest of the bill on October 13 2006, BTA said.
