Bulgaria’s government has proposed to parliament to ratify the agreement with Norway to avoid double taxation of income.

The agreement was signed in July of last year to update the regulation framework governing the bilateral economic relations, the cabinet said in a statement on Wednesday.

The previous agreement had been signed in 1988 in an entirely different economic environment and doesn’t reflect the legal framework of modern Bulgarian tax legislation, the cabinet explained.

The updated system to avoid double taxation between Bulgaria and Norway will intensify the bilateral trade and economic cooperation and will stimulate investment.

Although Norway is not a member of the European Union, the Agreement on the European Economic Area (EEA) is the mainstay of the country’s cooperation with the 28-member bloc. Through the EEA agreement, Norway is an equal partner in the EU internal market, on the same terms as the EU member states. This includes having access to the internal market’s four freedoms: the free movement of goods, persons, services and capital.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!