May 15, 2020 / 11:30 AM / 22 days ago

Bulgaria plans to cut taxes for restaurant and catering services

SOFIA, May 15 (Reuters) - Bulgaria’s ruling centre-right GERB party on Friday proposed cutting the value added tax (VAT) rate for restaurant and catering food services to 9% from 20% to help an industry hit hard by the coronavirus crisis.

A draft law, published on the parliament website, showed the proposed cut should take effect from July and run through 2021 as a temporary measure to help the sector’s recovery and estimated the loss for state finances at 255 million levs ($141 million).

$1 = 1.8087 leva Reporting by Tsvetelia Tsolova; Editing by Edmund Blair

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