Влияе ли българският плосък данък върху инвестиционните решения на фирмите?

Abstract

The so-called flat tax - a well known concept of taxation of households and businesses (companies) - has been in effect in Bulgaria for a second year already. Its introduction was accompanied by many positive economic expectations, such as more transparency in tax law and economy, non-distortive effects of direct taxation on economic actors’ decisions etc. We do not analyze whether and to what extent all these expectations have come true, but will examine only one particular problem - does really current (flat) corporate taxation in Bulgaria not distort investment decisions of companies? If so, investment decisions are based entirely on market factors and signals, and company management should concentrate solely and fully on them. If, however, current corporate taxation develops distortive effects, one more factor is added to the market factors of investment decisions - these are taxes. This factor implies different approach of investment decision making in companies. In this case financial and accounting area affects significantly their real economic activities, which amongst others requires specific management approaches.