The Cabinet plans to waive off the taxation on general income
The Cabinet plans to waive off the taxation on general income, Finance Minister Plamen Oresharski announced on Wednesday.
He added it might be replaced with a three-grade income taxation - at respectively 20%, 22% and 24% - to allow households dispose of additional BGN 180 M.
The finance minister held a meeting with the Bulgarian International Business Association (BIBA) and the country’s Employers Union to confer options for alleviated taxation and social security burden. He introduced the Bulgarian business into the Cabinet’s plans on the fiscal policy of the country in 2006.
The government plans also to reduce the social security burden with some 5-6%, which would release about BGN 500-600 M for use by Bulgarian business, Minister Oresharski said.
Yet, VAT will remain at the current rate of 20%, he specified. Within its mandate, the Cabinet will work out new legislation on corporate taxation and VAT.
The finance minister confirmed that an increase of excise duties is included into the framework of next year’s draft budget.
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From: novinite.bg
