Tsvetan Simeonov: The increase of social security contributions will increase the grey economy

A step backwards, which will increase grey economy – this is how Tsvetan Simeonov, BCCI President, commented in an interview for the Bulgarian National Radio on the intention of the government to raise social security contributions with 3%. 

"Тhis will be a serious step backwards. It makes pointless not only our efforts, but the efforts of the government as well to make the environment more attractive. The grey sector will increase, but what is regretful is that such decisions are lightly taken without taking into account the position of the employers’ organizations. It is very easy for NSSI to announce 250 million additional expenditures for employers. But if this is added to the delayed payments amounting to several hundred million, this makes 1 billion taken out from the turnover and then we wonder why the Bulgarian economy does not function the way economies with 5-6% growth do.” said Simeonov, as well