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Bulgarian hotel services imposed 7% VAT

Date: 03.03.2006

The rate of value added tax (VAT) for hotel services will be set at 7% as from 1 January 2007, according to a draft law approved by the Cabinet on Thursday.

This rate is envisioned to gradually increase to eventually reach 20% per cent, Finance Minister Plamen Oresharski explained.

According to the draft law the government will increase subsidies for the tourism sector and offer preferential funding schemes for resorts that attract foreign tourists.

Moreover, the new law envisions removing VAT accounts starting January next year. The VAT account has played its role and is no longer necessary, the Cabinet argued.

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