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Bulgaria to reduce corporate tax rate for EU entry

The Bulgarian parliament agreed, on 12 October 2006, to reduce the corporate tax rate on profits made by Bulgarian and foreign companies operating within the Bulgarian state, from 15% to 10%. When Bulgaria joins the EU on 1 January 2007 it will have one of the lowest rates of corporate income tax along with Cyprus.

Deputy Finance Minister Georgi Kadiev said that the tax reduction would reduce budget proceeds in 2007 by approximately 290 million leva (US$187 million), but would also make tax evasion futile.

"The economy is going well and the corporation tax generates increasing revenue. The projected 290 million gap may prove a lot smaller," Kadiev said. Bulgaria's economy was projected to grow by 5.5% in 2006, and inflation was expected to reach 6.6% by year's end.

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