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Taxing times for Bulgaria
Owning a property in Bulgaria may well soon cost you more as the central government gives the go ahead for a rise in property tax. This however can not be viewed as a stealth tax as many small municipalities throughout Bulgaria have low incomes, and a substantial number of property owners who currently pay nothing. Property appraisal tax will rise from 0.2 to 0.25% with a rise in transaction tax from 2.6 to 3%. However, these increases are not cast in stone and decisions and choice will currently lie with the local councils. With real estate in Bulgaria struggling to find investment, many local authorities may hold back on the collection of these taxes in fear of scaring off those looking for property to buy in Bulgaria. The good news here is that property currently exempt from tax will see a fall in appraisal tax from 2520 to nearly 1700 leva. © Copyright
Published: 15-Oct-09
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