Bulgarian National Bank Warns Against Proposed Excess Profits Tax on Banks
The Bulgarian National Bank (BNB) has voiced strong opposition to a proposed 10% tax on banks' excess profits, citing concerns that it would destabilize the financial sector
The Parliament has endorsed key amendments in the tax insurance procedural code, notably slashing the cash payment threshold from BGN 10,000 to BGN 5,000. Additionally, the legislation introduces a "denunciation bonus" offering a 10% reward for informing the National Revenue Agency (NRA) on undisclosed taxes.
The revised code demands that informants provide specific undisclosed facts leading to the collection of over BGN 100,000 in taxes, insurance contributions, and interest. The informant should not be associated with revenue, customs administration, or relevant state departments.
Another significant addition is the requirement for restaurant sector employers in higher-rated establishments to pay employees via bank transfer and equip themselves with POS terminals.
However, "There Is Such a People" (TISP) and "Vazrazhdane" parties expressed opposition, alleging these revisions favor banking interests. They aim to propose an inflation-adjusted threshold increase to BGN 15,000.
Furthermore, MPs backed changes in the Law on Local Taxes and Fees permitting municipalities to update tax assessments. Critics fear this may hike taxes indiscriminately. Notably, discussions involved concerns that this might burden many individuals and, in retaliation, reduce subsidies for municipalities.
The amendment was initiated by the association of municipalities to update tax assessments based on market values, albeit without an outright increase in taxes.
The Bulgarian National Bank (BNB) has expressed strong opposition to the draft state budget for 2025, which is set to be officially submitted to the National Assembly by the caretaker government
The Bulgarian Ministry of Finance has unveiled the draft budget for 2025, alongside the updated medium-term fiscal forecast covering 2025 to 2028
Thousands of Bulgarian consumers who invested in the British company BETL have reported that the company has stopped paying daily dividends and appears to have ceased its operations.
In recent weeks, there has been ongoing concern regarding the state's expenses for next year, with projections showing that costs far exceed available funds
The Bulgarian National Bank (BNB) has voiced strong opposition to a proposed 10% tax on banks' excess profits, citing concerns that it would destabilize the financial sector
Economist Rumen Galabinov has stated that Bulgaria's potential future membership in the Eurozone could significantly benefit the country's economy
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