Bulgarian Municipalities Demand 2-3% of Personal Income Tax
The National Association of Municipalities in the Republic of Bulgaria (NAMRB) has demanded that 2-3% of the personal income tax be redirected to local authorities.
Todor Popov, Chair of NAMRB, explained Thursday that the measure would bring an additional BGN 500 – 600 M into the budget of the local authorities.
Popov, as cited by dnevnik.bg, explained that the proposal had been discussed by the reinstated Decentralization Council, which was not functioning during the term in office of former Finance Minister Simeon Djankov, adding that it would most probably take effect in 2015.
He noted that the proposal enjoyed the support of Bulgaria's socialist-led coalition government.
Popov told journalists that the percentage of personal income tax to be redirected to municipalities was still being discussed.
Citing analyses of the NAMRB, he argued that the extra resources would double the budgets of over 200 municipalities.
He explained that the principle of distribution of the resources would be reconsidered so as to achieve better balance, adding that the deductions would go to the municipality of permanent address of the taxpayer instead of the municipality where his workplace was.
Popov noted that discussions were underway on redefining a number of state-level activities ad municipal-level activities.
To illustrate his point, he said that the subsidies for social activities from the state budget could be managed by the respective local authorities, adding that the measure could also be applied in the spheres of culture and sports, as the allocations for these activities were currently determined in the central budget.
Popov went on to say that work on determining the methodology for the calculation of the garbage fee had to start in spring.
The NAMRB Chair explained that legal changes stipulated that the principle of calculating garbage fee on the tax assessment of the property had to change as of 2015.
He noted that the new method had not been selected yet, adding that it had to be based on some other parameter such as the waste volume.
Popov also spoke in favor of introducing unified statutory rules for the application, evaluation and the deadlines for public procurement procedures under EU programs.
He pointed out that municipalities coordinated their projects with the respective ministries under the current mechanism, yet financial corrections were often necessary at the end of procedures, placing a burden on municipal budgets.
Popov proposed changes to the appeals procedures before the Commission for Protection of Competition and before courts, stressing that an increase in the fee for filing a complaint would prevent protracted procedures.
- » Bulgaria C-Bank Governor 'Likely to Resign end-November'
- » Bulgaria Plans to Reintroduce 10% Bank Deposit Interest Tax
- » Sofia Court Suspends Insolvency Proceedings Against KTB
- » Bulgaria's C-bank Unveils Two-Lev Coin
- » Bulgaria C-bank Orders Victoria Bank to Start Servicing Depositors from Dec 12
- » Bulgaria's Deposit Insurance Fund Head Resigns
We are one of the leading Financial instrument providers with offices all over Europe. We are major/Direct providers of Fresh Cut BG, SBLC, POF, MTN, Bonds and CDs and this financial instruments are specifically for lease and sale, our we always deliver on time and precision as Set forth in the agreement. You are at liberty to engage our leased facilities into trade programs, project financing, Credit line enhancement, Corporate Loans (Business Start-up Loans or Business Expansion Loans), Equipment Procurement Loans (Industrial Equipment, Air crafts, Ships, etc.) And many more, Our Terms and Conditions are reasonable.
DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)
2. Total Face Value: 10M MIN to 50B MAX USD or Euro
3. Issuing Bank: HSBC, Deutsche Bank Frankfurt, UBS or any Top 25 .
4. Age: One Year, One Day
5. Leasing Price: 5.0% of Face Value plus (0.5+X)% commission fees to brokers
6. Delivery by SWIFT .
7. Payment: MT103-23
8. Hard Copy: Bonded Courier within 7 banking days.
If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.
Inquiries from agents/ brokers/ intermediaries are also welcomed; do get back to us if you are interested in any of our services and for quality service.PLS kindly contact US
Name: Bodra Girishkumar
something is wrong here. In 2012, the state income from the personal income tax was according to the NSI
2290.60Mill. BGN. 600Mill. would be more than 26% of the state income from the personal income tax, and not 2-3% as you tell us in your article.
Please correct this article. And educate your journalists how to make elementary calculations. Thank you, very much appreciated by your readers.