Bulgaria Tax Updates

• On 7 December 2011, the Bulgarian Parliament voted in support of the 2012 amendments to the Tax and Social Procedure Act, the VAT Act, the Excise Duties and Tax Warehouses and the Personal Income Tax. As per the currently available information the proposed 2012 changes have been accepted with very few amendments. We will let you know about the final text of the amendments as soon as the information becomes publicly available.

It is expected that the amendments to all of the tax acts will be in force as of 1 January 2012.

• On 8 December 2011 the new retirement reform was passed, according to which the retirement age shall be increased by four months each of the following three years starting from 1 January 2012. The ultimate goal is for the general retirement age to reach 63 for women and 65 for men.