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Bulgarian Report
by Euro Reporter
2008-06-09 07:52:50 |
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US Investors in Bulgaria to Pay Lower Taxes
US companies and US individuals investing in Bulgaria will soon pay lower taxes for doing business in the country, the Bulgarian Standard Daily announced Friday. The tax reduction is included in the agreement between Bulgaria and the US for avoiding dual taxation. US President George W. Bush has sent a letter to the Senate, urging senators to ratify the agreement. The US Senate's approval is the last formality before the agreement can enter into effect since the Bulgarian MPs already approved the document.
The agreement for avoiding dual taxation provides for a five-percent interest and royalties' tax to be paid by Bulgarian firms to US companies. Copyrights can include distribution of books, movies, music and television shows as well as the use of trademarks. Bulgarian companies will pay the same five-percent dividend tax to US shareholders.
Bulgarian firms participating in US pension funds investing in Bulgaria will also take advantage of the new tax relief measures since the interests and the dividends paid to those US pension funds will be tax exempt. The pensions, the ex-spouse and child support given to US citizens residing in Bulgaria would not be taxed according to the Bulgarian Tax Law. The same is valid for the financial support received by Bulgarians residing in the US.
Bulgarian interns and students in the US will not be paying taxes on income lower than USD 9000 per year neither will they pay taxes on all amounts they receive from Bulgaria to pay their tuition fees and living expenses. However, Bulgarian students who work in the US only for the summer will continue to pay taxes according to the US Tax Law. Afterwards, however, the taxes paid in the US will be deducted from the tax they owe in Bulgaria.
In addition, the agreement regulates the information exchange between taxation and investigating authorities in Bulgaria and USA, which will lead to the prevention of tax evasion for deals conducted between Bulgarian and US companies.
I think that this is a huge issue, to start with, and against all European laws it shows favoritism to a competitor as American’s often are and the EU council should look into it. Then it shows favoritism towards the local investors which is unexplained and unexcused, and finally is a bad prior for other eastern European countries who love licking American ass!
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 Medieval Erotic Graffiti
Erotic graffiti dating back to the Middle Ages have become the greatest attraction for tourists visiting Bulgaria's medieval capital of Preslav. The drawings are on the eastern fortress wall of Preslav, which was the capital of the First Bulgarian Empire from 893 to 972 and one of the most important cities of medieval Europe.
Archaeologists say that the ancient graffiti were thoroughly examined in the 70s but they had not gained much popularity until recently. The director of the national archaeological reserve, Alexander Gorchev, said that it is not clear who was the author of the drawings but scientists suppose authorship belongs to Bulgarian soldiers or workers from the 10th century.
Mr Gorchev added that there is an idea to create an "alley of love and sex" in the fortress in order to further popularise the drawings among tourists. "If we consider the artistry of the drawings, we could say the medieval inhabitants of the old Bulgarian capital had elaborate sex lives," Gorchev also said.
Everything to get …some more tourists!
erotica Bulgaria Europe EU |
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