Bulgaria: BSP Proposes Progressive Income Tax and 10% Tax Rate for Incomes up to BGN 3,900

Politics » DOMESTIC | November 20, 2020, Friday // 10:03| Views: | Comments: 0
Bulgaria: Bulgaria: BSP Proposes Progressive Income Tax and 10% Tax Rate for Incomes up to BGN 3,900

 

The Bulgarian Socialist Party (BSP) proposes to adopt the European way of taxation, i.e. progressive tax for physical persons.

Prof. Rumen Gechev, explained in more detail the taxation system reform initiated by the Socialists. He said: “We propose that for all Bulgarian citizens with incomes up to BGN 3,900 (€ 1,950) a month not to change the 10% income tax in any way. We will increase this tax up to 15% for incomes varying between BGN 3,900-6,000, (€ 1,950-3000) whereas earnings from BGN 6,000 to 9,000 (€ 4,500) a month to be levied with 25% tax.    

He explained that the proposed progressive tax system is more moderate than the European ones, as the left wing wants the transition to fully progressive taxation to be smooth and not to cause stress in the system.

"There is not a single developed European country that is not progressively taxed. We suggest you to make a choice – whether to look up to France, Germany, Spain, Italy, Portugal, Austria, Finland and Denmark or stay in one group with some Central Asian countries. The choice is yours", addressed the parliamentarians Gechev. 

"The only way to combat inequality is to change the tax and social security models", commented the Deputy Chairman of the Bulgarian National Assembly Dragomir Stoynev from the grandstand of the National Assembly. 

There is no country that wants to have a destitute class. In order not to have a destitute class, these people must have adequate incomes. To have such incomes, there has to be justice. When there is a strong middle class, it consumes, increases production, jobs are created - and inequality is reduced," he was adamant.

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Tags: Bulgaria, progressive tax, BSP
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