Bulgaria Says No to New EU Taxes

Bulgaria has taken a stand against a European Commission proposal for the introduction of new taxes across the European Union, including a financial-transaction levy and a new value added tax.

"Bulgaria doesn't support the introduction of new taxes because it will impose an extra burden on EU citizens and companies," it said in a statement.

"The introduction of the financial transactions tax on an EU level will put in danger the competitiveness of financial hubs in the EU because there is yet no agreement to introduce it on a global level."

According to the ministry the idea for a new EU value added tax will practically take over the functions of the separate nations in imposing the levy.

Bulgaria will insist on raising funds for the Cohesion policy and extending its scope in a bid to avoid a two-speed Europe.

Investments in roads, highways, sewage plants are key to Bulgaria, according to the finance ministry.

The country will also demand more funds to increase the control of external borders and illegal migration.

The European Commission is expected to propose next week a sweeping new EU tax that would apply to "all types of financial instruments" used by European investors.

The levy is said to be imposed on all trades in derivatives, bonds and shares, as well as a limited number of currency transactions.

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