Income tax

By Prokopis Hatzinikolaou

More than 3 million taxpayers will be exempt from paying income tax due to the return of the tax exemption threshold to 12,000 euros per year, as provided for in the government?s program.

By Prokopis Hatzinikolaou

The government is planning stiff penalties for tax dodgers, which could even include the confiscation of assets in Greece and abroad that have not been declared to authorities.

By Prokopis Hatzinikolaou

The government is preparing a taxation overhaul that will provide for one set of brackets for all taxable incomes regardless of source. It is also planning to implement a large property tax (LPT) that will concern not only real estate but also big bank deposits, works of art and other investment tools, with a tax-free threshold of 300,000 euros.

The Confederation of Independent Trade Unions in Bulgaria (CITUB) has demanded that retirement age remain unchanged in 2015.

CITUB President Plamen Dimitrov declared Monday that the trade union was ready to stage protests in the case of a government decision to change the retirement criteria in 2015.

Bulgaria will keep its flat tax rate of 10%, Parliament has decided, rejecting motions to re-introduce progressive taxation.

By Prokopis Hatzinikolaou

The self-employed and all pensioners will soon have their income tax deducted automatically from their earnings, something which is already the case for salary workers and many pensioners, as the Finance Ministry and the technical experts of the country’s creditors are working on the introduction of a “pay-as-you-earn” system from January 1, 2015.

Bulgaria's GERB party, tipped to win the most votes in next month's election, has said it plans to allow local governments to collect personal income tax of up to 2% if it comes to power.

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An amendment introduced by 16 New Democracy MPs offering tax relief to monks and monasteries was accepted by Education and Religious Affairs Minister Andreas Loverdos on Wednesday.

A total of 850 natural persons inspected in the period January-June 2014 committed income tax evasion worth BGN 20M, according to data of Bulgaria's National Revenue Agency (NRA).

All were issued tax assessment notices.

Unless the due sums are paid in two weeks, the money will be collected through enforced recovery proceedings.

Struggling to reduce its hefty budget deficit, Croatia's government on Thursday announced a package of new taxes aimed at cutting the deficit.

The changes include new taxes, changes to existing taxes and scrapping some of the supplements given to salaries in the public sector.