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Interim Finance Minister promises no tax or social contribution increases in 2025

Ministry of Labour and Social Policy proposes increase in the pension insurance contribution

published on 11/18/24 4:46 PM

Lyudmila Petkova

Photo: BTA

Deputy Prime Minister and Finance Minister Lyudmila Petkova has pledged that there will be no increase in social contributions, corporate or personal income taxes in 2025. The Covid-19 pension supplements will not be discontinued and the budget deficit for 2025 will remain within 3% of GDP, fulfilling the requirements for Bulgaria's entry into the eurozone.

Budget revenues will be boosted by an increase in excise duties on cigarettes, a review of whether VAT on bread should remain at 0%, a restoration of other VAT to its pre-pandemic level of 20%, and more efficient collection of tax and social contribution arrears.

Meanwhile, the Ministry of Labour and Social Policy has published an analysis of the mandatory pension insurance system on its website. The report proposes a number of measures, including an increase in the pension insurance contribution rate and the abolition of the EUR 30 COVID-19 supplement for new pensioners.

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Radio Bulgaria News 2025 labour and social policy ministry of finance pensions social contribution tax increases

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Interim Finance Minister promises no tax or social contribution increases in 2025

Ministry of Labour and Social Policy proposes increase in the pension insurance contribution

More from category

Blagoevgrad to host the 32nd edition of the International Mathematics Competition for University Students

85 folk ensembles to participate in the "Sparks from the Past" festival in Apriltsi

Red heat alert issued for 12 Bulgarian districts, orange code alert in effect for the rest of the country

Blagoevgrad to host the 32nd edition of the International Mathematics Competition for University Students

85 folk ensembles to participate in the "Sparks from the Past" festival in Apriltsi