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text sizeDjankov: Everybody wins from LUKoil case
“The case with LUKoil proves beneficial for all,” explained Bulgaria’s Minister of Finance, Simeon Djankov at turning the first sod of the repair works of the road Yambol-Elhovo, southern Bulgaria. He believes the benefit for the state is that it has managed to show that the law must be obeyed. The positive message to the whole energy production sector, to him, is that it was made clear that even the largest companies pay their taxes because the law is one for all.
‘Many companies will probably avail of the idea for a lower VAT if payments are digitalized instead of being executed in cash,” Djankov further commented. He added that this way the state would be able to collect more taxes. The idea may become reality as soon as the next budget year. The lower VAT in digitalized payment is one of the measures the Ministry of Finance is going to discuss with bankers and business representatives as an attempt for bringing to light all business deals.
‘Many companies will probably avail of the idea for a lower VAT if payments are digitalized instead of being executed in cash,” Djankov further commented. He added that this way the state would be able to collect more taxes. The idea may become reality as soon as the next budget year. The lower VAT in digitalized payment is one of the measures the Ministry of Finance is going to discuss with bankers and business representatives as an attempt for bringing to light all business deals.
