Article: WORLD BANK/EASTERN EUROPE: RAFT OF FINANCING MEASURES APPROVED.

Bulgaria - tax revenue.

The World Bank approved on June 5 a Euro 31.9 million loan for a Revenue Administration Reform Project in Bulgaria, which will help the country develop a modern and effective revenue collection system. The system ultimately intends to create opportunities to lower direct tax and insurance rates in line with the government economic policy of growth and employment creation. Economic benefits of the project are projected to be significant - the net revenue is expected to exceed Euro 1 billion. The total cost of the project is estimated at USD63 million, including USD28.85 million from the Bulgarian government. The World Bank loan has a ...

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