Coalition Govt to Keep Bulgaria Currency Board, Tax System

Bulgaria will keep its restrictive currency board system until it adopts the euro, according to the governance programme of GERB-lead coalition.

Keeping budget deficit and public debt low according to EU criteria and providing conservative and efficient management of state treasury and public debt are also part of the programme of the government coalition of centre-right GERB and right-wing Reformist Block backed by left-wing ABV and nationalist Patriotic Front.

The new government, which is expected to take office on Friday, also pledges to keep taxes unchanged and continue to maintain the level of re-distribution of budget resources by the state at up to 39% of GDP.

Other fiscal highlights of the programme include:

-      Introduction of tax on capital market transactions;

-      Adopting legislation that will limit the participation of offshore companies in Bulgaria’s economy;

-      Increasing both budget revenue and revenue collection rate through structural changes and merger of the National Revenue Agency and the Customs Office;

-      Restoring trust in the central bank through legislative and staff changes compliant with EU legislation;

-      Adopting an update to the 2014 budget. Drafting and adopting 2015 budget bill.

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