The Bulgarian Parliament accepted changes in the Tax Law, which will make the corporate tax rate only 10 % from January 1st, 2007, when Bulgaria joins the European Union.
This makes Bulgaria with Cyprus have the lowest corporate tax rate in the EU.
The finance ministry (headed by anothre friend of mine – Plamen Oresharski, with whom we were candidates for mayors of Sofia in 2003; what a small world!) said that the low rate will make companies come out from the hidden, gray market.
That decision makes the government of socialist leader Sergey Stanishev the most liberal in finances in the last 10 years. More information about it at the International Herald Tribune and The Raw Story.