Bulgarian Govt To Cut Corporate Tax in Areas With High Unemployement
The number of Bulgarian municipalities where SMEs could benefit from the statutory corporate tax concessions increases, according to changes in Bulgaria's Corporate Law.
Bulgarian government accepted amendments on Bulgaria's Law on Corporate Income Taxation, providing for corporate tax cuts in municipalities where the unemployment rate exceeds the average by 25% , reported Darik.
The SME's that can benefit from the new laws must have at least 10 employees, at least half of them must be engaged in a direct manufacturing process and at least 30% of the personnel must have registered a permanent address in one of the municipalities listed in the law.
The new law envisages the period of planned tax concessions for agricultural manufacturers to be 1 year longer then the term of the other SME's.
The amendment, considered as a state aid to Bulgaria's regional development, has already been accepted by the government and parliament 's decision is now awaited.