US Welcomes Entry into Force of New Tax Treaty with Bulgaria

by Sofia News Agency www.novinite.com
The US Department of the Treasury announced Tuesday that a new tax treaty with Bulgaria entered into force December 15. �This agreement is designed to avoid the possibility of double taxation and prevent fiscal evasion with respect to taxes on income for U.S. and Bulgarian firms operating in each others' countries and thus, spur international trade and investment between our countries," the US embassy in Sofia said in a letter to media. The tax treaty and first protocol with Bulgaria was signed in Washington on February 23, 2007, and a second protocol with Bulgaria was signed in Sofia on February 26, 2008. The U.S. Senate approved the new treaty and protocols on September 23, 2008.

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