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Corporation Tax Reduction to Shrink Shadow Economy

Date: 31.10.2006

"The reduction of the corporation tax rate from 15% to 10% doesn’t pose a risk because the budget has been planned conservatively", chairman of the Bulgarian Industrial Capital Association (BICA) Vasil Velev said. He commented on a recommendation by the International Monetary Fund (IMF) for cancelling the state’s decision to reduce the corporation tax rate to 10%.

“The tax reduction will make Bulgaria a competitive destination for investments, which is good for us. Besides, we have to take our interest into account. The tax reduction as a budget risk is not relevant to us”, Velev said.

“The budget has been worked out very professionally and we discussed it during the National Trilateral Cooperation Council. Trade unions also accept this reduction, as well as employers …This move has a great potential related to the increase of the competitive environment”, Velev added.

Focus News Agency 

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