Draft changes to Corporate Income Tax Law

On 7 October 2008, the Ministry of Finance announced draft amendments to the Corporate Income Tax Law. If approved by the parliament, they would enter into force as of 1 January 2009. The most important proposed changes are summarized below.

Capital gains exemption

Currently, capital gains on quoted shares realized on the Bulgarian Stock Exchange are exempt, while corresponding losses are not deductible. The exemption also applies to such capital gain…