Home Sweet Home: The Reality of Housing in Bulgaria Revealed
New data from the National Statistical Institute (NSI) sheds light on the housing landscape in Bulgaria, painting a picture of the majority of Bulgarians residing in older homes.
Bulgarian finance minister has made clear his strong determination to push through parliament the proposed 10% tax on bank deposit income from next year.
"I do insist that Bulgaria starts taxing people's income on their bank deposits from next year. In this way the country will join the European banking system," Simeon Djankov told the morning broadcast of Nova TV channel on Friday.
He explained that thus Bulgaria will be able to collect taxes on the income from deposits and investments of Bulgarians abroad.
"This is the European practice - we also pay taxes on deposits of foreign nationals in our country to other European countries such as Germany, France and Britain," the finance minister specified.
In his words the new levy will help improve social equality and force richer people with huge bank deposits to pay tax on that income.
He agreed that the introduction of a tax-free threshold is a good idea, but said it was too early to discuss it.
The minister also attacked the previous Socialist-led government for introducing a flat income and corporate tax rates of 10% without setting a tax-free threshold.
"It is high time that Bulgaria made the transition from "bank capitalism", where banks form the foundation of a country's economic life, to "entrepreneurial capitalism", where entrepreneurs play the key part," Djankov added.
He strongly disagreed with accusations that the new levy will shake the bank system foundations due to capital outflow, saying Bulgaria's system is the most stable and well capitalized in Europe.
A new 10% levy on people's income on their bank deposits will come into force from next year, the government decided at the beginning of this week.
Bulgarians will be obliged to include the income on bank deposits in their tax declarations a year later – in 2014 – after the taxation process is streamlined, the finance ministry has suggested.
Both economists and the central bank have slammed the government's decision to introduce a 10% tax on bank deposit income, saying this would dent people's savings and shake the bank system foundations due to capital outflow.
The government said the new tax aims to raise BGN 120 M and force richer people to pay taxes on the income they earn from bank deposits.
Banks in Bulgaria continue to record steady growth in savings, a trend which has been gaining momentum throughout the past half year, official data shows.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
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
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member.
The National Statistical Institute's latest report unveils a marginal annual increase in the income of Bulgarians in 2023 compared to their expenses, marking a reversal of the trend observed in 2022
In a recent interview on Nova TV, former Minister of Economy Bogdan Bogdanov expressed skepticism regarding Bulgaria's prospects of entering the Eurozone at the outset of 2025
The path to Eurozone accession for Bulgaria may see a significant milestone in 2025, albeit not at the outset of the year, according to Dimitar Radev, the governor of the Bulgarian National Bank (BNB)
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022