Tax
Morgan Stanley: Trump’s re-election could change the world – The three points to watch
Ministry of Economy and Finance: 13 questions on the tax bill – The 12 tax cuts, incentives and reforms
Ahead of the new tax bill, the Ministry of Economy and Finance answers 13 questions to make it more clear what changes are coming in this section. The 12 tax cuts that are being enacted, the incentives given to businesses and all the reforms to the tax law.
The 13 questions and answers on the new tax bill
Cultivating consistency
A new legal provision outlining set dates for submitting tax declarations puts an end to the annual farce of constantly shifting deadlines. The custom of giving extension upon extension cultivated a climate of inconsistency and the wrong mentality.
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Energy Ministry considers tax on old renewables projects
The Energy Ministry is reportedly considering a scenario of imposing a special tax on the revenues of RES projects that were connected to the grid before 2021 as a key measure for zeroing out the deficit of the RES support account projected to reach 257 million euros by year-end.
Incentives for e-receipts from 20 professional sectors are doubled
The government’s economic team is exploring potential changes to incentives aimed at encouraging taxpayers to shift from cash transactions to electronic payments.
Targeting spending on private schools – What the first audits showed
Sweeping checks and cross-checks are being launched by the Inland Revenue, which is targeting, among other things, tuition fees paid to private schools to confirm whether they are declared as living expenses.
Higher takings permit tax cut
The large increase in revenue from income and value-added tax - as the electronic tools for curbing tax evasion are paying off - provide the government with the leeway to move forward with permanent tax cuts as of 2025.
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Mitsotakis pledges tax relief for households and businesses
Prime Minister Kyriakos Mitsotakis reiterated his government's commitment to "gradual, fiscally sustainable tax cuts," enabled by increased state revenue from economic growth, GDP gains, debt reduction and a crackdown on tax evasion.
Mitsotakis: Gradual but fiscally sustainable tax cuts are our central choice
“Gradual, yet fiscally sustainable tax reductions remain our central choice,” emphasized Prime Minister Kyriakos Mitsotakis in his weekly review published on Facebook.
According to Mr. Mitsotakis, tax reductions are made possible due to increased state revenues and the reduction of debt, as well as the decrease in tax evasion.
Bulgaria's Tax-to-GDP Ratio Declines, Among Lowest in the EU
According to Eurostat data, Bulgaria's tax-to-GDP ratio is among the lowest in the European Union. In 2023, the overall tax-to-GDP ratio for the EU, which includes the sum of taxes and net social contributions as a percentage of gross domestic product (GDP), was recorded at 40.0%. This figure represents a decrease from 40.7% in 2022.