Bulgaria's Municipalities Demand 30% of Total Flat Tax
Bulgaria's National Association of Municipalities insists that 30% of the collected flat tax should be distributed among municipality budgets.
"It has already been decided that by 2015 part of the personal income tax will enter municipalities budgets as revenue. The Financial Ministry will soon introduce the proposal to the Council of Ministers. We have proposed a 3% of the 10 percent tax, however the exact percentage is still not clear," the deputy executive director of the National Municipalities Association Emil Savov told Bulgaria on Air TV.
"Some BGN 700M would enter the municipalities instead of the central budget in case a 3% municipal tax is adopted," Savov explained.
Hopefully, the necessary legislative adjustments will be introduced by end-May, Savov added.
- » Bulgaria’s Government Debt Dips Slightly in June
- » Piraeus 'in Talks' with NBG Group to Merge into Bulgaria's UBB
- » Bulgaria Turns to Budget Surplus of 1.1% of GDP at End-June
- » Bulgaria C-Bank to Unveil Supervision Boosting Measures by End-September
- » Amendments to Bulgaria’s Bank Insolvency Act Pass 2nd Reading in Parliament
- » Bulgaria's Parliament Endorses Proposed C-Bank Deputy Governors