Bulgaria asks India to take advantage of lowest corporate tax

at 10:23 pm
Deputy Prime Minister of Bulgaria Mariyana Nikolova at an interactive session organised by FICCI.

New Delhi (NVI): Deputy Prime Minister of Bulgaria Mariyana Nikolova today invited the Indian business community to invest in the country, stating that it offers one of the lowest corporate tax regimes in European Union.

Speaking at an interactive session here organised by FICCI, Nikolova hoped that the new initiatives and partnerships will be established to further strengthen the ties between Bulgaria and India.

“Our taxes are one of the lowest in European Union. Besides having corporate tax of only 10 percent, we do not tax profit reinvested in municipalities with high unemployment rate. Our tax on dividend is a mere five percent. We also offer a two-year exemption from VAT for imports of equipment designated for investment projects worth over 2.5 million euro,” she said.

Inviting the Indian business community for their participation and investments in Bulgaria, Nikolova said that for the Bulgarian government, an important indicator of investor confidence is that, after their establishment in Bulgaria, foreign companies tend to expand their production capacity.

“In 2018, President Ram Nath Kovind visited Sofia. This is a clear sign of the efforts to maintain a constructive political dialogue which focuses on furthering the relationship between Bulgaria and India. Business and industrial associations have a leading role in this process,” she added.

Presenting the business and investment opportunities in Bulgaria’s tourism sector, Deputy Minister of Tourism Lyuben Kanchev said that the country is particularly focusing on cultural and historical tourism. Bulgaria ranks third in terms of archeological monuments in Europe after Italy and Greece.

Executive Director of Bulgarian Small and Medium Enterprises Promotion Agency Boyko Takov, said that that this year marks the first anniversary of signing of the memorandum of cooperation between Bulgarian Small and Medium Enterprises Promotion Agency and FICCI. It aims to stimulate exchange of economic and business information and organise trade fairs and joint events.

Meanwhile, Tsvetan Simeonov, President of Bulgarian Chamber of Commerce and Industry said that Bulgaria considers India as friendly country and a serious partner and tourism and food processing sectors can be new areas of cooperation.

Mr Rakesh Bakshi, Senior Executive Committee Member, FICCI and CMD, RRB Energy Ltd said, “Renewable energy, IT & ITeS, pharma, and agri products are some of the key areas for cooperation between India & Bulgaria. Tourism offers enormous potential as only 6.3 percent of Indian tourists visit Bulgaria, whereas Western Europe attracts 63 percent of Indian tourists.