The government will not abolish the flat income tax

Bulgaria is currently subject to an excessive deficit procedure, which is something we inherited, Deputy Prime Minister Atanas Pekanov told the Bulgarian National Television. This year, the deficit will be well above 3%. Our government must address the issue quickly. We have made a commitment and will propose measures, he said.

Regarding the proposed windfall tax on certain businesses, Atanas Pekanov noted that similar taxes have also been introduced in EU countries such as Spain, Lithuania and Portugal. Atanas Pekanov said the tax would primarily apply to sectors with foreign ownership, stressing that they should also contribute to the country’s fiscal stabilization.

“The International Monetary Fund is proposing that we abandon the flat tax, but we will not do so because we have made such a commitment”, Deputy Prime Minister Pekanov stressed.

Edited by Ivo Ivanov

Translated by Kostadin Atanasov