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Bulgaria – a Favorable Place to Invest

Costs of doing business in Bulgaria are about 46 percent lower than the average in the EU, said Petar Dimitrov, Minister of Economy and Energy, quoted by the Bulgarian Telegraph Agency (BTA). On March 5, he called on participants in the Bulgarian Business and Investment Forum to invest in the country, as the cheapest place to invest in the European Union.

Factors that make Bulgaria attractive for investments in times of a global economic crisis are the low labor costs and taxes. The social security burden in the country ranks fourth in the EU. read more»

Changes in social contributions in Bulgaria in the beginning of 2009

Changes in the social insurance and tax burden in Bulgaria which took place at the beginning of 2009 include a decrease in the mandatory pension contributions owed by employer and employee and an increase in the mandatory health contributions. The reference income maximum remains the same as last year, or BGN 2000. It was brought to that level in 2008, after being fixed at BGN 1400 in August 2007. The 10% proportional income tax for employees remains the same.

As a result of these changes the social insurance and tax burden for gross salaries of up to BGN 2000 has fallen, from 36.2% на 30.3%.

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