Bulgaria, Romania to update double taxation agreement

Bulgaria’s Cabinet has approved a draft proposal to update the memorandum on avoiding double taxation with Romania, replacing the current agreement signed in 1994, and mandated Finance Minister Petar Chobanov to negotiate and sign the new deal.

The issue was first discussed during a joint meeting of the Bulgarian and Romanian governments in November 2013, co-chaired by Romanian prime minister Victor Ponta and his Bulgarian counterpart Plamen Oresharski.

The current agreement on avoiding double taxation and preventing tax evasion was signed “under different economic conditions and legal regulations in the area of taxation,” the Bulgarian Government’s media service said in a statement.

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(Bulgarian Finance Minister Petar Chobanov. Photo: minfin.bg)