Djankov: Bulgaria demands that alignment of taxes should not be included in the Euro+ Pact

Bulgaria demands that Chapter 4 concerning the alignment of tax rates should not be included in the draft for the European Fiscal Pact, announced before reporters at the Council of Ministers Finance Minister Simeon Djankov. He presented the country's position in a letter to the non-euro area finance ministers which was mailed on Monday. Bulgaria supports the proposals set out in Chapter 3 of the document which refers to the "golden rule" on fiscal discipline. We are backing the financial and budgetary discipline in the EU and therefore our government has projected for 2012 to limit the government expenditures by some 40% of GDP and the budget deficit by 2%. However, major amendments have been introduced after the fourth revision of the document, especially in Chapter 4 which concerns the development of greater integration and cooperation in the general economic policy, indicated also the Djankov.

Djankov demands that the Bulgarian proposal for repeal of Chapter 4 should be included as the first agenda item at the summit of finance ministers of non-euro area countries next Monday. There are numerous unclarified issues concerning the manner in which this chapter is related to the previous idea for the drafting of the Euro+ Pact, stated he. His letter also indicates that the determination of the direct taxes and definition of labour laws should be explicitly implemented at the level of national governments. Moreover, our country is worried that the details of the Fiscal Pact will not be discussed by all the 27 EU member states, but only by the Euro area countries.

Last week, Prime Minister Boyko Borissov also announced that Bulgaria would support the European fiscal pact, but we would not agree to harmonise our taxes with the EU ones and to pay for the bailing out of other countries. In response to questions posed by journalists, yesterday Djankov reiterated that the Ministry of Finance was not holding negotiations with anybody for any amount as some media had announced. We have clearly stated that Bulgaria would not make any contributions neither to the IMF, nor to the general bailout mechanism, added he.

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