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| Bulgaria To Introduce Flat Tax |
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The leaders of the three governmental parties in the ruling coalition decided to cut social insurance contributions 3 per cent, up pensions by 10% from October and introduce a flat tax of 10 per cent for individual incomes as of next year. The decision paves a way for a big change in Bulgarian tax system
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Bulgaria Shows Decrease in Labor Productivity |
Accelerated economic growth of around 6.6% is expected for the second quarter of the year. This shows data from the regular report of the Center for economic development. This growth, however, is extremely insufficient for reaching the speed of the other EU countries, comments for BNR Alexander Bojkov, director of the Center.
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Balkan Countries Hope to Stop Energy Crunch |
Balkan heads of state gathered in Macedonia, hoping to expand energy cooperation across the region and limit growing power shortages that threaten efforts to catch up economically with the rest of Europe.
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EU Opposes Dependence on Russian Gas |
The European Union is concerned by Russian efforts to use Greece as gateway for natural gas giant Gazprom into Western European gas and electricity markets.
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Italy's Unicredito and Bank Austria Creditanstalt will merge their three banks to create Bulgaria's biggest bank at the end of the month.
Bulgaria, Serbia, Macedonia, Albania and Croatia adopted a declaration warning of grim consequences if the two reactors of Kozloduy nuclear plant were not reopened. European Commission spokesperson Ferran Tarradellas told the BBC that its position had not changed.
The International Monetary Fund warned Bulgaria its widening current-account deficit is increasing the country's exposure to external risks and urged it to sustain high budget surpluses.
Moody's Investors Service has raised the outlook on Bulgaria's Baa3 long-term foreign and local currency bond ratings to positive from stable prompted by the government's strong fiscal position, robust economic growth and expected ERM2 membership.
Russia's president urged Bulgaria and Greece Thursday to overcome objections to the construction of a $1 billion oil pipeline in the Balkans.
