Weekend Tax Approved by Bulgarian Parliament at Second Reading

Parliamentary deputies have approved at second reading the so-called weekend tax. Under the amendments to the Corporate Income Tax Act, in the case of use of company assets (vehicles, telephones and property) for personal purposes a tax of 10% will be levied.

Businesses can choose which form of taxation they prefer - the 10% scheme or the current tax regime whereby the owners, managers and employees of companies pay taxes and social insurance contributions on the income in kind under the Income Taxes on Natural Persons Act, reported bTV.