Bulgarian Parliament Approves Tax Relief for Families with Children

Business » FINANCE | November 26, 2020, Thursday // 13:42
Bulgaria: Bulgarian Parliament Approves Tax Relief for Families with Children pixabay.com

 

The families with one child will have tax relief of BGN 450 next year. This was finally decided by MPs with the changes made under the transitional and final provisions. This is the actual amount, which results from deducting BGN 4500 from the tax base of one of the parents. For those with two children BGN 900 will remain in the family budget, and for families with three children– BGN 1350, which again amounts to 10% of the deducted tax base.

According to Iskren Veselinov from IMRO, this is a support for the "birth awareness" program, since only parents who pay taxes can benefit from these clauses:

"We had a dispute with colleagues from GERB when their opinion on child benefit changed, but this dispute produced a better result. In fact, today we really have another focus, not just unconditional social assistance for everyone."

Nadia Klisurska from the Bulgarian Socialist Party (BSP) drew attention to the fact that this relief is only for the tax year 2021 and does not enter into force permanently. She said:

"The bad news is that the prospects that have been outlined in this budget are related to the fact that at the beginning of the next year there will be parliamentary elections, I hope. To my great regret, the Bulgarian children are also hostages of this support."

Yesterday, the texts in next year's budget approved allowances for households with a family member's income of up to BGN 410 and up to BGN 510.

 

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Tags: Bulgaria, taxes, family support
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