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Bulgarian governers want to remove divident taxes

Submitted on Tuesday, 14 October 2008No Comment

In the last year of their mandate the governors of Bulgaria are planning to make a new present to the wealthiest Bulgarians by removing the dividend tax, also known as the tax of the rich. The only thing that can stop them is the forthcoming elections.

Currently the tax is 5%, being reduced from 7% two years ago. Even then it was discussed its removal but that didn’t happen. Now the idea is gaining force because of the financial crisis by pointing out the argument that this way Bulgaria will keep its investors.

If the dividend tax is removed the rich people who have shares in companies or surplus money will be practically freed from any obligations. The only weight they’ll have to carry is indirect – the 10% tax on the winnings of the companies they participate in.

At the moment only firms from the exchange are freed from dividend tax.

Accountants claim that none of the EU countries have removed the dividend tax and Bulgaria will be the first one. A similar alleviation exists in Estonia but it affects the reinvested profit.

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