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Bulgaria, US sign agreement on avoiding double taxation

Date: 28.02.2007

Bulgaria and the United States of America signed on Saturday an agreement for avoiding double taxation between the two countries.

The agreement was signed by Bulgaria's Minister of Finance Plamen Oresharski and the US Deputy Secretary for the Department of Treasury, Robert M. Kimmitt.

"This is an important event for the development of our relations. Signing this agreement will bring serious growth of US investments in Bulgaria," Kimmitt said at the signing and underlined this is the first of a kind agreement, signed between the two countries.

The agreement will bring financial advantages to the Bulgarian financial environments and to US business, Minister Oresharski said.

The agreement, which will substantially lighten the tax burden over dividends of trans-border trade, provides for special mechanisms that will keep it safe from violations by citizens of third countries. The document also includes clauses on exchange of any kind of financial information between the two countries.

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