The State Collects 66% of the Income

[Charlotte]

High taxes and bureaucracy are the main obstacles for starting a new business, shows research of the Bulgarian Institute for Market Economy. The state collects 66% of every salary of 1000 levs (1 euro = 1.95 levs) through insurance, direct and indirect taxes and fees. The percentage for 2001 was 60. Every entrepreneur has to sppend an average of 616 hours per year to pay his taxes, indicates the research. Firms make an average of 26 tax payments per year. The institute proposes that the insurances should be lowered, the minimum salary and the patent taxes are lifted and that the number of registration regimes be reduced. When a new business is started, formalities take 32 days in Bulgaria, 24 in Romania and five, in Ireland.

http://www.standartnews.com/archive/2006/01/23/english/moneyt/index.htm