Bulgarian Turmoil Deterring Investors

from BalkanInsight.com..

Source: Novinite (Sofia)

May 22, 2013

“The investors who are already here hope that the situation in the country will remain stable,” Michael Angerer, head of the commercial department with the Austrian embassy in Sofia,  told Bulgarian TV.

He warned that it will be harder to attract investors if the political instability, which started with anti-poverty protests and led to the resignation of the cabinet of Boyko Borisov in February, drags on.

“In Bulgaria companies are looking for a clear legislative framework, which helps business grow,” he added.

Investors are lured to Bulgaria because they see the potential for investments in various sectors. But the next government needs to promote the country in a new way, Marco Montecchi, chair of the Italian Chamber of Commerce in Bulgaria, said.

Bulgaria must improve its image abroad, he noted. “We see Bulgaria as a country in which we can always invest,” said Montecchi.

“Companies are happy with Bulgaria’s 10 per cent flat tax on personal and corporate income, as in most European countries the corporate tax is about 40 per cent,” he added.

Montecchi urged the next government increase tax by 1-2 per cent and use the additional revenues for welfare. “Even then the tax rate will still be profitable for Italian investors,” he said.

Link to the article: http://www.balkaninsight.com/en/article/bulgarian-turmoil-deterring-investors-experts-say

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