site.btaBalanced Solution Is Sought in Mining Tax Issue - Minister

Caretaker Energy Minister Vladimir Malinov said that a balanced solution was being sought for a proposed tax on mining that has caused an outcry in the mining sector. At a briefing at the Council of Ministers on Wednesday, Malinov clarified that there was a constructive dialogue with the Bulgarian Chamber of Mining and Geology as well as with trade unions on the issue of the new revenue measure set out in next year's draft budget.

"We will continue to work on finding a balanced solution that is acceptable to the parties concerned, namely the concessionaires who extract natural resources in accordance with the law. But also a solution that satisfies the overall macro framework of the 2025 budget", Malinov said, adding that his team has an understanding on both sides that this topic should be closed on Wednesday in order for the government to submit the budget bill to the National Assembly on Thursday.

The introduction of a new tax on underground resources puts the mining industry at a risk of shutting down, the Bulgarian Chamber of Mining and Geology warned. The American Chamber in Bulgaria is also opposed to the new tax. Earlier on Wednesday, hundreds of miners gathered in a protest against the contemplated tax outside the Council of Ministers.