Tax

Bulgaria Tightens Controls on Risky Goods Following Schengen Entry

The National Revenue Agency (NRA) has announced measures to strengthen control over goods with high fiscal risk in Bulgaria following the country's entry into the land Schengen area. These efforts are focused on items such as fast-moving food products and fuels, which are frequently associated with tax evasion.

From Today: VAT on Bread, Flour, and Restaurant Services Restored to 20% in Bulgaria

As of today, the VAT rate on bread, flour, and restaurant services has been restored to 20%. The lower rates, which had been reduced as part of anti-crisis measures during the COVID-19 pandemic, had been in effect for several consecutive years. These tax breaks were initially introduced to alleviate the impact of the pandemic but expired at the end of 2024.

Tax changes bolster incomes

A batch of new measures go into effects in January seeks to reduce the tax burden on citizens. It includes several breaks, which can be summarized as follows:

- Freelancers. Tax burdens for many freelancers are slashed.

- Business fee. Those paid with invoices ("blokaki") will have a tax benefit of €400-500 from the abolition of the business fee.

China says to raise deficit, boost spending next year

China will raise its deficit in order to boost spending next year, its finance minister said, according to state media, as Beijing looks to prop up its struggling economy.

The world's second-largest economy has for years battled sluggish domestic consumption, a persistent crisis in the property sector, and soaring government debt.

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