The finance minister: Business taxes will not rise in the coming years

Asen Vassilev met with representatives of Greek business: Bulgaria has unique conditions for economic development

Industry / Bulgaria
3E news
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The tax system in Bulgaria, the country's accession to the Eurozone and the projects under the National Recovery and Sustainability Plan (NRSP) were the three main topics discussed by the Minister of Finance Asen Vassilev and over 100 managers of Greek companies in Bulgaria. The meeting was organized by the Greek Business Council, the Ministry of Finance reported. It was attended by representatives of major investors in the field of metallurgy and metalworking, the banking sector, the cement industry and trade in petroleum products and other sectors, as well as the ambassadors of the Republic of Greece Marios Liberopoulos and the Republic of Cyprus Haralambos Kafkaridis.

"What Bulgaria has, as conditions for the development of the economy, is unique. Business builds the backbone of this environment, and the state lends you a hand so that we can make tangible progress," said the minister. He assured that business taxes will not increase in the coming years, and the state will support investments through guarantees. "With changes to the Investment Promotion Act, it will be possible to give 100% of what Europe allows as state aid for capital investment for businesses. This will force the accumulation of physical capital in the country", believes the Minister of Finance.

Asen Vasilev emphasized that Bulgaria has one of the lowest electricity prices and a well-developed energy infrastructure, and the priority for the country is to invest in roads, railways, better healthcare and education, as well as in human capital. "We are currently at around 20% of the euro area average capital-to-labour ratio. It is the job of business to help our workers become more productive by providing physical capital and higher paying jobs, and it is the job of government to provide the infrastructure and human capital. Our policy is that labor becomes more expensive, but at the expense of it being more productive," Vassilev explained.

The Minister of Finance emphasized that he is actively working with the Minister of Transport of Greece and is confident that the road connectivity along the North-South corridor from Alexandroupolis through Bulgaria and Romania to Moldova and Ukraine will be realized, stressing that the state will invest in the project 6 billion euros in the coming years. "We need to upgrade rail connectivity so that cargo can reach Mediterranean ports faster," the minister believes. He expressed hope that the "Struma" highway and railway will be completed. the connection through Kulata to Thessaloniki, and on the Bulgarian side, funds for infrastructure are also provided for under the NRSP. Asen Vasilev announced that in the budget for 2024 BGN 12 billion has been set aside for capital expenditures, of which BGN 10 billion is for useful infrastructure for business.

According to data from the Greek side, Greek and Cypriot investments in Bulgaria exceed BGN 3.2 billion, creating more than 55,000 jobs, and trade between the two countries amounts to EUR 6 billion.

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