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Bulgarian law plans tax relieves for companies

Date: 27.10.2005

From 2006 Bulgarian companies would be relieved of taxes over the expenses for workers' transportation, changes in the Corporate Income Tax Law state.

The taxes over social expenses such as providing catering and recreation for employees would also in the beginning of next year from 17 % to 12 %.

These measures are aimed at encouraging companies to undertake such expenses instead of giving cash to their employees, because it was doubtful that the money was then used as planned, the Finance Ministry commented.

Lyudmila Elkova of the ministry said that the EU was currently debating the introduction of a unified value of the turnover tax. Currently each country defines its own value for this tax. In 2006 the turnover tax in Bulgaria would stay at its present value of 15 %.

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