Tax

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.

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.

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