Foreign Investors Concerned over 20% Renewable Energy Tax

Foreign Investors Concerned over 20% Renewable Energy Tax

Foreign investors in Bulgaria have voiced their concern over the proposed legislative amednments, which envisage the introduction of a 20% tax on revenues of photovoltaic plants and wind farms, the Sofia News Agency (Novinite.com) reported.
The proposed amendments were moved to parliament by the leader of the ultra-nationalist party Ataka, Volen Siderov.
On Saturday, representatives of the Bulgarian Socialist Party and the ethic Turks’  Movement for Rights and Freedoms said they would vote in favour of the proposed tax in Parliament, the news agency added.
In a statement issued on Sunday in reaction to the proposed tax, the German-Bulgarian Chamber of Industry and Commerce and Confindustria Bulgaria, the association of Italian business in Bulgaria, warned that the surprising adoption of ungrounded, discriminatory measures runs contrary to the recommendations of the European Commission and would undermine investor confidence and lead to a deterioration of the investment climate in the country. They described the tax “unacceptable” and “unjust”, adding that it would have a retroactive effect to the economic parameters of renewable energy businesses.
For his part, finance minister Petar Chobanov said Bulgaria will not be penalized by the European Commission for the introduction of the new tax, adding that the proceeds would serve as an expense buffer in the state budget. 
 
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