Bulgaria to Tax Excess Profits, Reduce Rates for Consumers

Bulgaria will temporarily reduce value-added tax on utilities and exempt bread from the tax altogether, under a range of anti-inflation measures announced by the government Wednesday.

It also will subsidize the sale of motor fuels and move to tax excess profits related to electricity as part of the measures.
VAT on hot water, heating and natural gas for households and individuals will be reduced to 9%, from 20%, for one year.

• Standard gasoline, diesel, methane, and propane-butane will be discounted by 0.25 Bulgarian lev ($0.13) per liter through the end of the year.
• The measures are intended to ...