BUSINESS IN BULGARIA WANTS TO BE INVOLVED IN TAX BILL DRAFTING

Business | December 7, 2001, Friday // 00:00

The Cabinet spends too much time revising the deals concluded by the previous government, the Bulgarian International Business Association (BIBA) claims in the sixth edition of its annual White Book which was handed to Prime Minister Simeon Saxe-Coburg on December 7. BIBA members called the Cabinet's communication policy on tax legislation vague and controversial. The members expressed the hope they would be involved more actively in future discussions of taxes before they are introduced. BIBA consists of 170 companies operating in Bulgaria from 25 countries. According to the Association different level of the minimum required reserves maintained by commercial banks to the central bank must be introduced. The different levels will reflect difference in maturity of attracted deposits. BIBA also proposed that the banks operating in Bulgaria offer direct insurance services to customers. Kirko Kirkov, BIBA's chairman, voiced his conviction that the big challenge before Bulgaria now is its macroeconomy.

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