Bulgaria Publishes Draft Tax Reform Legislation

The Bulgarian Ministry of Finance published draft tax reform legislation on 12 September 2015. The main amendments include:

• Implementation of the amendment to EU Parent-Subsidiary Directive that denies the participation exemption if a distribution received is tax deductible for the distributing subsidiary;
• The introduction of a municipal-level personal income tax that may be set at a rate of up to 2%, and is in addition to the standard 10% personal income tax rate; and
• The introduction of a…