site.btaParliament Introduces 15% Corporate Tax for Multinational Groups and Large-Scale Domestic Groups
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The Bulgarian Parliament Tuesday introduced a 15% corporate tax for multinational and large-scale domestic groups through second-reading amendments to the Corporate Income Tax Act. The amendments transpose Directive (EU) 2022/2523 to ensure a minimum effective taxation of large multinational groups and large fully national groups operating in the single market.
The excess profits of those entities will be subject to a top-up tax and a domestic top-up tax. The minimum effective rate will apply to multinational groups and large-scale domestic groups with an annual revenue of EUR 750,000,000 or more, or its BGN equivalent.
An amendment proposed by Delyan Dobrev (GERB-UDF) in the plenary made it possible to exempt companies' investments from the top-up tax.
Earlier on Tuesday, representatives of bilateral trade organizations and the Confederation of Employers and Industrialists in Bulgaria (CEIB) held a news conference in Sofia to call for an exception to be introduced in the Corporate Income Tax Act that would cushion the effect of an increase in the corporate income tax to 15%.
Bulgaria currently taxes those companies at a flat rate of 10%.
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