Bulgaria's Cabinet has approved the draft 2011 State Budget Act, which projects an economic growth of 3.6% next year despite much criticism by the business sector describing this figure as "unrealistic."
The Bulgarian business organizations and syndicates have supported the government's proposal for tax changes, including the introduction of a flat 9% value-added tax (VAT) in the tourism sector.
The growth of the Bulgarian economy projected in budget 2011 would not be reached, according to the Chair of the Bulgarian Industrial Association, (BSK), Bozhidar Danev.
Bulgaria has sold state bonds amounting to EUR 234 M Monday, announced the Ministry of Finance.
The heads of the Bulgarian and Macedonian bourses signed on Monday an agreement on the exchange of stock market trading data in a bid to make them more attractive to foreign partners.
The Bulgarian Socialist Party adopted a controversial decision to go for the abolition of the flat tax rates after many of its leaders left Saturday's plenum in protest.
Bulgaria's opposition Socialists have fallen out in bitter debate over a draft document proposing the elimination of the flat income and corporate tax rates.
Bulgaria's largest opposition party BSP is in favor of abolishing the 10% flat tax rate that its own government introduced in 2008.
The founder and former CEO of the Bulgarian Stock Exchange has harshly criticized the government for increasing its share to over 50%, saying it is effectively nationalizing the bourse at a knock-down price.
Bulgaria is planning to sell bonds amounting to EUR 1 B on the international market in 2011 to shore up its finances, according to a finance ministry draft paper, cited by local media.
A mission of the International Monetary Fund will visit Sofia during September 23 - October 4, 2010 to hold regular bilateral discussions on economic policies with the Bulgarian authorities.
Turnover in Bulgaria is up BGN 1 B in August 2010, compared to the same month in 2009, data of the National Revenue Agency (NRA) shows.
The Bulgarian right-wing leader, Martin Dimitrov, warned Tuesday the 2011 budget deficit would again end up being over 3%, similarly to 2010.
The draft state budget for 2011 previews loans amounting to some EUR 2 B and increase national debt from EUR 4.8 B to EUR 7 B.
The consumption of cigarettes, manufactured in Bulgaria or legally imported is down two times, according to the Chair of the nationalist VMRO-NIE party, Petko Atanasov.
East European growth rates will remain subdued in coming quarters as the recovery in the US and the euro region is losing steam, European Bank for Reconstruction and Development President Thomas Mirow said.
A mission of the International Monetary Fund will visit Sofia during September 23 – October 4, 2010 to hold regular bilateral discussions on economic policies with the Bulgarian authorities, the fund announced.
Bulgarian employers' expenses for employment have increased by 8,2% in the second quarter of 2010 in comparison to the same period last year, statistics showed.
Nine commercial banks will participate in a scheme for refinancing of credits for the purchase of agricultural machinery, which will begin operating from September 20, the Bulgarian Agriculture Fund announced.
The Bulgarian National Revenue Agency has announced it will collect about BGN 3 M after 12 checks of 24 popular musicians.
The Bulgarian State expenses for health care and social benefits would keep their 2010 levels in 2011, according to the 2011 budget draft.
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