BUSINESSES OPPOSE THE NEW TAXES
Businesses in Bulgaria raised voice against the suspension of tax breaks, claiming that they should remain in place. The investment community in the country firmly opposes the new capital gains tax (CGT). “We don’t think it’s a good idea.
The Bulgarian capital market is collapsed anyway. We have a capital market that acts more like a bankrupted state,” chairman of the Bulgarian Industrial Capital Association (BICA) Vasil Velev said. According to insiders, the new taxes may also undermine the price of BSE-Sofia itself prior to its much expected privatization. Back in 2002, the NMSP government waived the previously existing tax on stock market gains with the idea to boost the development of the local capital market.
The gambling industry also fired back at the proposed taxes, explaining that they ruin their business and push many players into the grey sector.
