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Bulgaria Finance Minister Ready to Discuss Presidential Report

Date: 17.09.2009

Bulgaria Finance Minister, Simeon Djankov, has cut back on his criticism of President Georgi Parvanov's report that was released Monday.

Djankov said; "On the whole, the report contains some interesting ideas, but the proposals in the section dedicated to taxation policy are sheer nonsense!" in an interview for the Bulgarian daily Standart.

He added that "a good financial expert should know that it's dangerous to fidget with tax rates during a crisis. Otherwise you risk falling collections, as more people will start evading taxes."

Djankov continued by saying "I would be glad to have this conversation on Friday when we (the center-right GERB government) are going to discuss the report."

He concluded; "the part particularly concerning the banking sector, does not contain any specific foundation. Indeed, one would agree that it is a must for a banking system to be stable. But it is far too early to begin to contemplate any new views for the improvement of Bulgaria's banking sector. Against the backof the rest of the European Union the trade part of our banks is in a very good condition."

Economists from the team of President Georgi Parvanov proposed Monday a removal of the flat tax and a 20% tax on the incomes of those who make over BGN 3 000 per month and 0% tax for those who make under BGN 1000 monthly. The report also suggested that V.A.T on some basic goods should be lowered and the V.A.T on medicines should be removed.

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