Bulgaria Right Wing Certain of Looming VAT Hike

Business | April 27, 2010, Tuesday // 15:34|  views

UDF leaders, Valentin Stoyanov (l), Vanyu Sharkov (center) and Rumen Hristov during the party's press conference Tuesday. Photo by BGNES

Bulgaria's right-wing Union of Democratic Forces (UDF) has information from own sources the Value Added Tax (VAT) increase in 2010 is a done deal.

The information was reported Tuesday by the party's Deputy Chair, Rumen Hristov, who spoke after the meeting of the UDF National Executive Council, saying VAT can go up above the 22% the cabinet has been mulling, to the staggering 25%.

The right-wing, however, say that even a 25% VAT would not solve the problem with the country's budget deficit for 2010 and there is a need of other, more effective measures the cabinet of the Citizens for European Development of Bulgaria (GERB) party is ignoring.

Hristov pointed out UDF had calculated that a 22% VAT (currently VAT is 20%) would bring an additional BGN 700 M only while as of April the deficit is BGN 1.5 B, but declined to reveal the sources who gave the VAT hike information.

UDF have been firmly opposing VAT increase since the day the idea was launched by the cabinet and Finance Minister, Simeon Djankov.

UDF also declared they will vote against the mandate for all employees of Bulgaria to use or lose all accumulated leave by the end of the year, against the proposed so-called “power fee” in the supply of electric power, and demand more transparency and independence of the State Commission for Energy and Water Regulation (DKEVR).

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Tags: UDF, VAT, Vanyo Sharkov, Rumen Hristov

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