Bulgaria places second in the EU, together with Latvia, in terms of lowest tax revenue/gross domestic product ratio. In those two countries the tax revenue/GDP ratio amounts to 27.9%. Only in Lithuania the tax revenue/GDP ratio is lower-27.2%, data of the European Parliament about the EU states’ tax systems show. On the other hand, in The Netherlands, Belgium, Sweden, and Finland the GDP/tax revenue ratio is highest. Data of the EP also shows that the highest amount of revenues in Bulgaria’s treasury is collected from taxes levied on consumption. The value added tax in Bulgaria (20%) is among the lowest in the whole EU and only Germany, Cyprus, Malta and Luxembourg have lower VAT. On the other hand, Hungary has the highest VAT-27%, followed by Denmark, Croatia and Sweden with 25%. VAT in Romania and Finland amounts to 24%. In Romania, however, VAT on food was reduced to 9%.
“Five people from the parliamentary group are going to be “torn apart” during the voting for a cabinet but will, most probably, not give their support,” Ivelin Mihaylov, one of the founders of Velichie party said for the BNR. GERB-SDS..
In an analysis of the pension system in Bulgaria, the International Monetary Fund urges the country to raise pensions by raising social security contributions and doing away with the maximum insurable earnings. According to the analysis, pensions in..
Bulgarian tour operators and travel agents are hoping the new parliament will reconsider the decision to revert to the higher VAT (20%) for the industry as of 1 July. They are insisting that tourist packages be subject to 9% VAT until the end of..
Bulgaria’s national team of mathematics put up an excellent performance at the Junior Balkan Mathematical Olympiad. Six Bulgarian students returned from..
Bulgaria’s President Rumen Radev handed the first cabinet-forming mandate to Rossen Zhelyazkov who is the prime minister-designate of the largest..
On Tuesday the weather will be sunny and hot over most of the country. Clouds will form over Western and Central Bulgaria in the afternoon and there..
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