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BUSINESS AGAINST TAX ON OFFSHORE TRANSFERS
Business | October 18, 2001, Thursday // 00:00
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The 25% tax on the bank transfers to offshore zones will be introduced as a measure against money laundering, Deputy Finance Minister Atanas Katsarchev explained. The amendment to the Corporate Income Tax Act will be enforced in the beginning of next year. The opposition to the new tax comes is not surprising according to Katsachev. Both businessmen and foreign investors attacked the new tax. `The tax is the first loss for the business in Bulgaria since the announcement of the cabinet`s new taxation proposals,` Bozhidar Danev, Head of the Bulgarian Industrial Association, said at the Investment Forum that took place on October 17. Investors and bankers declined to make any comment officially. After the first round of the cabinet`s negotiations with the International Monetary Fund however they called the new tax `naпve` and `disturbing`.
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