A draft bill has been published by the Bulgarian Ministry of Finance that would amend the country's tax law to in order to implement the exemption under the EU Interest and Royalties Directive (2003/49) from 1 January 2015. When initially adopting the Directive, Bulgaria was allowed a transitional period and authorized to apply a maximum 5% withholding tax rate on interest and royalties until 31 December 2014. The directive includes that interest or royalty payments arising in an EU Member State are exempt from tax in that State provided that the beneficial owner of the interest is an associated company...