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Tue, Jun 18 2013

Editorial: The Brussels Pact

Fri, Dec 16 2011 08:59 CET byClive Leviev-Sawyer, Editor-in-Chief 5551 Views
The stance taken by Bulgaria to resist the notion of allowing Brussels to initiate changes to national tax policies is understandable, given Sofia’s concerns that increasing tax rates would eradicate a competitive advantage that it sees as crucial to foreign investment.

Given that Bulgaria is not alone in opposing the concept of EU-wide tax harmonisation, the issue will gain increasing importance amid the overall process of implementing the reforms agreed to by 26 EU states on December 9.

Bulgaria, given the fiscal stability about which it is so keen to boast, but also given its reliance on foreign investment, is unlikely to give ground on the taxation issue; and it is sure to remind its EU partners of its keen support for the key elements of the pact.

At the same time, it is clear that Bulgaria needs to widen its array of selling points in seeking foreign investment – not least of which is finally to carry out proper judicial reform, a step that would have benefits across a broad spectrum.
 

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