21.06.2013

Minister of Finance Petar Chobanov is taking part in the meeting of the Economic and Financial Affairs Council of the European Union (ECOFIN) held in Luxembourg today. Minister Chobanov will take the opportunity to talk to his Cyprus counterpart about the possibilities for providing information concerning the inspection of any offshore companies owned by Bulgarian citizens.

The EU Finance Ministers approved draft Council Recommendations on the National Reform Programmes 2013 to each Member State and draft Council Opinions on the updated Stability/Convergence Programmes. At the end of May the European Commission published recommendations to the EU Member States on the policy measures necessary to be addressed in the next 12 months in order to accelerate growth, improve the business environment and recover employment. The recommendations specific to Bulgaria cover the pension system, the proper implementation of public procurement legislation and the accelerated absorption of EU funds. In general, Bulgaria agrees with the country-specific recommendations as most of them reflect the political challenges and the priorities set in the working programme of the Bulgarian Government. 

The ECOFIN Finance Ministers have reached political agreement on the measures fighting VAT fraud, including a proposal for a quick reaction mechanism which is of extreme importance for the protection of Member State tax revenues. The meeting has endorsed a Report by Finance Ministers on tax issues in the framework of the Euro Plus Pact and an ECOFIN Report to the European Council on tax issues.

The discussion of draft Council decisions and recommendations on the excessive deficit procedures within the Stability and Growth Pact is also part of the agenda. A draft Recommendation by the euro area Member States on the Commission proposal on the adoption of the euro by Latvia has also been approved at the meeting.

The European Commission has submitted a draft amending Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation. A Proposal for a Directive of the European Parliament and of the Council establishing a framework for recovery and resolution of credit institutions and investment firms has also been discussed. The negotiations are still ongoing.