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Bulgaria, which has one of the lowest corporate tax rates in the EU, has objected to the introduction of a 26% withholding tax on all transactions originating from sources in Bulgaria, Cyprus and Ireland by Greece.The tax provisions are incompatible with the law of the European Union and infringe the fundamental principles laid down in the Treaty on the functioning of the Union, Finance Minister Vladislav Goranov said in a letter to the European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici.

Read more: Bulgaria Objects to ‘Discriminatory’ Change to Greece’s Income Tax Code

BNP Paribas to Withdraw from UkraineBulgarian central bank Governor Ivan Iskrov has issued an official statement on rumors and speculations questioning the stability of certain Bulgarian banks. He has described information propagated online as malicious and has denied Bulgaria's banking system could be in jeopardy. The оull text of his statement dating June 27, 2014 is below.

Read more: Bulgarian National Bank Governor: Banking System Stable

BNP Paribas to Withdraw from UkraineBBNP Paribas, France's largest bank by market capitalization, has announced plans to pull back from Ukraine. Its chief financial executive Lars Machenil however added BNP does not mull leaving other countries to the east of Europe, such as Turkey and Poland, website Investor.bg reports.Earlier, officials from the bank had said that by 2015, 84 branches are to be closed and 1600 job cuts made in the country.

Earlier, officials from the bank had said that by 2015, 84 branches are to be closed and 1600 job cuts made in the country

Read more: BNP Paribas to Withdraw from Ukraine

Merkel: Crisis in EU to Last at Least 5 More YearsThe financial crisis in Europe will not be over before five years, according to German Federal Chancellor Angela Merkel. "Whoever thinks that the crisis can be overcome in one or two years is wrong," said Merkel at a regional forum of her Christian Democratic Union in Mecklenburg-Vorpommern.

Read more: Merkel: H κρίση στην ΕΕ θα κρατήσει τουλάχιστον 5 χρόνια

QAs of January 1, 2015, the minimum monthly wage in Bulgaria becomes BGN 360, up by BGN 20. The minimum monthly wage is to increase to BGN 380 as of July 1, with an increase in pension rates under the Swiss indexation rule scheduled to take effect as of the same date. The indexation is by 1.9%, meaning that a pension of BGN 200 will go up by less than BGN 4, according to reports of the Bulgarian National Radio.

Read more: Minimum Wage in Bulgaria Increases to BGN 360

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