Bulgarian PM Confirms 'Minimum Wage' Tax Break
People with income below the minimum wage will get a full tax refund at the beginning of 2015, announced Bulgarian Prime Minister Plamen Oresharski.
Oresharski spoke Tuesday at a round table on the problems of poverty and how to tackle them. From next year the amount of the minimum monthly wage is going up to BGN 340.
The technique of this type of tax credit entails people with minimum monthly wage filing tax declarations in 2015, which means they will get a single return of all 12 tax payments made in 2014, explained Oresharski.
The Prime Minister acknowledged that at this level the minimum wage dooms to poverty, but stressed a surge of income would threaten the competitiveness of the economy on one hand, and will likely lead to an increase in unemployment on the other.
According to him, this tax relief will cost the Treasury about BGN 150 M and will affect under 200 000 Bulgarians.
The State budget for 2014 provides more resources for social care, said the Prime Minister. He added that BGN 76.5 M will be slated for additional support for children and families; BNG 20 M - for disadvantaged people, and over BGN 200 M – for the elderly.
Oresharski explained these decisions have been reached after meetings with the parliamentary groups that support his government, as well as with trade unions.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
65.3% of Bulgarian Workers Earn Below Subsistence Level
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Bulgaria's Eurozone Entry Likely Delayed to 2026 Amid Disinformation and Economic Challenges
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
Rising Trend: Bulgarians Abroad Send Increasing Amounts of Money to Home Country
February witnessed a surge in remittances from Bulgarians residing abroad, reaching a remarkable EUR 110.5 million, marking the highest value since last July
Finance Minister Reveals: Bulgaria's Fiscal Reserve Stands at BGN 10.9 Billion
Amidst financial fluctuations and strategic fiscal decisions, Bulgaria's Minister of Finance, Lyudmila Petkova, unveils the nation's robust fiscal reserve, standing tall at BGN 10.9 billion as of April 18th
Sofia Exceeds Average Income Levels in Europe
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Bulgaria's Eurozone Entry Postponed: Central Bank Governor and Ex-Economy Minister Sound Alarm
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges