Bulgarian FinMin to Tax Gambling, Stock Exchange Income

Business » FINANCE | October 13, 2012, Saturday // 13:36
Bulgarian FinMin to Tax Gambling, Stock Exchange Income: Bulgarian FinMin to Tax Gambling, Stock Exchange Income Bulgarian Finance Minister, Simeon Djankov, is firm on taxing all income, except retirement pensions. Photo by BGNES

After the new tax on interest of bank deposits of Bulgarians, Finance Minister, Simeon Djankov, plans to impose taxes on gambling and stock exchange profits.

The plan emerged Saturday during Djankov's interview for Darik radio. The Minister informed these new taxes could also become effective as early as the beginning of 2013.

He said his experts are working on respective texts that could be proposed between the two parliamentary readings on the draft 2013 State budget.

According to him, the goal is to have same measures for all income, regardless of its source.

Djankov further explained he would support a tax on bank transactions, but it would most likely be introduced during the term of the next Cabinet. The only income the Minister would not touch is retirement pensions.

He voiced the opinion that the flat 10% tax must be changed as well and Bulgaria should transition in the next few years to a progressive taxation while the maximum insurance cap must be also eliminated by the next Cabinet. His ideas stretch to reforming the retirement system with people having a choice to make additional retirement contributions between the National Social Security Institute, NOI, and private funds. He believes the majority would choose NOI.

Djankov stressed he was convicted that Prime Minister, Boyko Borisov, is the only individual who is capable of ruling the country and taking it to a well-being. He promised to apply any possible effort to help Borisov's Citizens for European Development of Bulgaria party, GERB, either as a second term as Finance Minister, or as Member of the Parliament. His long-term plans, however, focus on living abroad.

When ask to comment on threats of large-scale protests over the new tax, Djankov replied: "Let them come."

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Tags: GERB, Boyko Borisov, Prime Minister, flat, NOI, pensions, Retirement, Bulgaria, banks, finance minister, Simeon Djankov, interest, bank deposits, Bulgarian National Bank, draft budget, income, stock exchange, gambling, tax
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