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Socialists Pledge Tax Hike for Rich Bulgarians

Business » FINANCE | December 28, 2013, Saturday // 10:09| Views: 1881 | Comments: 0
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Socialists Pledge Tax Hike for Rich Bulgarians: Socialists Pledge Tax Hike for Rich Bulgarians The leader of the Bulgarian and European Socialists, Sergey Stanishev, photo BGNES

The ruling left-wing Bulgarian Socialist Party (BSP) has not given up plans to introduce differentiated income taxation of individuals.

The majority of people will continue to pay the flat 10% tax. However, it is almost certain that the tax on the rich will be included in Budget 2015, says BSP leader and President of the Party of European Socialists (PES), Sergey Stanishev in an interview for "Standard" daily.

"The Socialists will keep their election campaign promise to introduce different tax rates for different incomes. The amount of tax for the rich, and the threshold that will make it effective will be commented on and calculated separately. But there are already draft proposals to have people with higher incomes pay 15% or 16% tax instead of 10%. The majority of workers who have incomes below the threshold will continue to give 10% to the State," says Stanishev.

According to him, the budget for 2014 has already taken the first step and by the end of the government's term differentiated taxation will be in place. He stressed that the current rulers have begun real elimination of the flat tax for people with the lowest incomes and this was the right move.

"From next year on, we will be introducing methodology which involves not untaxed income, but rather return of tax on income to the poorest. The effect will be felt by these people in early 2015 after filing a tax declaration. According to early estimates, at that time, the State will return BGN 150 M to people with the lowest incomes. And this measure will affect about 200 000 people," explains the leader of BSP.

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