The Bulgarian Ministry of Finance published draft tax reform legislation on 12 September 2015. The main amendments include: Implementation of the amendment to EU Parent-Subsidiary Directive that denies the participation exemption if a distribution received is tax deductible for the distributing subsidiary; The introduction of a municipal-level personal income tax that may be set at a rate of up to 2%, and is in addition to the standard 10% personal income tax rate; and The introduction of an advance approval certification procedure for taxpayer's seeking State aid in the form of tax relief for regional development investment. Subject to approval...