Bulgaria’s Finance Minister: Differentiated VAT Rates Are Tough to Administer

Finance | April 7, 2015, Tuesday // 12:06|  views

Vladislav Goranov took part in a conference on Bulgaria's economy on Tuesday. Photo by BGNES

Bulgaria’s Finance Minister Vladislav Goranov has ruled out proposals to introduce differential VAT rates on food products.

Speaking Tuesday at a discussion on Bulgaria’s economy, he said that differentiated VAT rates were hard to administer.

He claimed that the unified VAT rate was the fairest and most neutral option as regards risks of skewing consumption trends.

Goranov, as cited by news.bg, admitted that every sector would like to have lower VAT rates.

He suggested, however, that the flat tax rate had been used to rule empires.

Bulgarian producers have repeatedly called for differentiated VAT rates.

Romania is to adopt changes to its taxation system as of January 1, 2016, with the VAT rate to be reduced by 4%.
As a result, the standard VAT rate in Romania will become 20% as of 2016, with plans to reduce it to 18% as of January 1, 2018.
As of 2016, Romania will introduce a differentiated VAT rate of 9% on meat, fruit and vegetables, and fish.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Tags: Vladislav Goranov, finance minister, VAT Act, VAT


» Related Articles: