The Sofia News Agency reports that a 10 percent flat tax has cleared a final hurdle in the Bulgarian Parliament. The article notes that the new tax system requires a signature from the President, but this is expected to be a formality. So it’s time to play the unofficial theme song of the global flat tax revolution and welcome the 23rd jurisdiction to the club:
Bulgaria’s parliament passed on second reading on Monday the amendments introducing a flat tax rate in the country. …The amendments are final and only a veto from president Georgi Parvanov can stop them from becoming law, although he has given no indication he plans to do so. …The leaders of the three parties in Bulgaria’s ruling coalition have agreed in summer on the tax reform, with a flat rate of 10%, the lowest in Europe, replacing the progressive taxation system with three brackets. Since Estonia introduced a flat tax system in 1994, enjoying stable GDP growth, eastern European countries have been attracted to the flat tax that promises to attract foreign investments and increase transparency.