site.btaBulgarians Should Get Used to Working More to Maintain Current Living Standards, Vasil Velev Says

There is no way to achieve a 3% deficit in the 2025 state budget from the currently emerging 9%, neither for the year nor in the medium term, if spending is not cut, said Vasil Velev, Chairman of the Board of Directors of the Bulgarian Industrial Capital Association (BICA) Tuesday in a BTA interview. He stressed that if that does not happen, the alternative is a tax increase in Bulgaria. BICA is the current rotating chairman of the Association of Bulgarian Employers' Organizations.