Bulgaria's Govt OKs BGN 220 Minimum Wage, 10% Flat Tax for '08
Politics | August 30, 2007, Thursday
Bulgaria's PM Sergey Stanishev (L), Finance Minister Plamen Oresharski and Social Minister Emilia Maslarova approved the medium-term fiscal framework for 2008-2010. Photo by Yuliana Nikolova (Sofia Photo Agency)
Bulgaria's government approved a minimum monthly wage of BGN 220, a flat tax rate of 10% and an annual GDP growth of 6% among the key points in the medium-term fiscal framework for 2008-2010.
The framework was drafted after the leaders of the three-party ruling coalition gave it the nod of approval at their meeting at the end of July at the coastal Euxinograd residence.
The draft sets medium-term inflation at 3.7%, to go down to 2.6 by the end of the period, and a budgetary surplus of 2.5 %.
Corporate tax will remain unchanged at 10% and VAT at 20%.
Budget salaries and pensions are planned to increase by 10% as of July 1 and October 1 respectively.
Excise taxes on cigarettes and fuels will increase starting from next year to reach the minimum rates in the other European Union member states.
The excise tax on cigarettes will go up by 50% from the last agreed increment in 2008 and by the remainder 50% in 2009, while that on petrol products will increase by BGN 0,05 per litre.
The framework was drafted after the leaders of the three-party ruling coalition gave it the nod of approval at their meeting at the end of July at the coastal Euxinograd residence.
The draft sets medium-term inflation at 3.7%, to go down to 2.6 by the end of the period, and a budgetary surplus of 2.5 %.
Corporate tax will remain unchanged at 10% and VAT at 20%.
Budget salaries and pensions are planned to increase by 10% as of July 1 and October 1 respectively.
Excise taxes on cigarettes and fuels will increase starting from next year to reach the minimum rates in the other European Union member states.
The excise tax on cigarettes will go up by 50% from the last agreed increment in 2008 and by the remainder 50% in 2009, while that on petrol products will increase by BGN 0,05 per litre.
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