site.btaFinance Minister: Lukoil Bulgaria to Pay Up to BGN 100 Mln in Advance Excess Profit Tax This Week

Lukoil Bulgaria is expected to transfer up to BGN 100 million to the budget this week as an advance tax on its excess profits, said caretaker Finance Minister Rositsa Velkova in response to a journalist's question.

Until recently, the company did not pay its taxes in Bulgaria. In late November, at a joint press conference at the Council of Ministers it was announced that from 1 January next year Lukoil Neftochim Burgas and Lukoil Bulgaria will transfer their economic activity, revenues and taxes to Bulgaria.

At the press conference it was pointed out that the implementation of the additional 33% tax on excess profits foreseen in the European regulation will lead to many times higher revenues for the Bulgarian budget. According to the estimates, after the transfer of the excess profits an additional BGN 100 million will enter the budget this year and BGN 700 million more next year, the Finance Ministry said.