Bulgaria to attract more overseas investment
Bulgaria could be set to receive a major overseas investment boost with the news that the country has agreed to the terms of a double-taxation deal with the United States.
Government officials from both countries, including Bulgarian finance minister Plamen Oresharski, met to discuss the problem of double taxation, which can hinder investment and trade between countries.
The Bulgarian ministry of finance claims that the agreement is the culmination of years of cooperation between the US and Bulgaria.
Now, the convention set out by both countries should reduce double taxation, with US ambassador to Bulgaria John Beyrle predict significant increases in investment in Bulgaria, especially since the country is now a full member of the European Union.
A statement from the ministry read: "The convention foresees a number of specific issues such as the taxation of American investment companies."
Although the two countries have agreed the terms of the convention, it has not been ratified, nor has it been enforced yet.
Recently, Bulgaria's deputy finance minister, Lyubomi Datsov announced the details of a cross-border financing agreement with the European Commission, also involving Greece, Macedonia, Romania, Turkey and Serbia.
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