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Austerity Measures Send Romanian Companies to BulgariaAusterity Measures Send Romanian Companies to Bulgaria
AUSTERITY MEASURES SEND ROMANIAN COMPANIES TO BULGARIAAUSTERITY MEASURES SEND ROMANIAN COMPANIES TO BULGARIA
Date: 02/10/2010
Source: novinite.com
Austerity Measures Send Romanian Companies to BulgariaAusterity Measures Send Romanian Companies to Bulgaria

Thousands of Romanian companies are moving their business to neighboring Bulgaria, the Bulgarian National Radio, BNR, informs Saturday.

The reasons cited are the spending cuts and austerity measures imposed in Romania, lower taxes and better conditions for the business in Bulgaria.

In Bulgaria revenue and profit taxes are 10% compared to 16% in Romania. The Value Added Tax (VAT) is also lower. Bucharest recently had to up VAT as a condition to obtain a EUR 2 B loan from the EU and the International Monetary Fund (IMF).

In addition, it is much easier to establish a company of Bulgaria where one needs less than a week and BGN 2 as initial capital.

It is estimated that nearly 2 500 Romanian companies have already moved to Bulgaria. The Bulgarian Danube city of Ruse sees 2 registrations of Romanian businesses per day.


Topic: Business



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Madara Horseman is an expressive bas-relief from 7th century, carved high out of the sheer rock, and depicting a horseman spearing a lion. It symbolizes greatness of the ruler and the power of his state. Europe's only rock relief dating from the early Middle Ages. Located 20 km from the town of Shoumen, NE Bulgaria.

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