Bulgaria’s Cabinet approved on March 25 the draft of the updated treaty with United Kingdom on avoiding double taxation of income and property, the Government press service said in a statement.

The existing double-taxation agreement between the two countries dates back to 1987, when economic relations between the two countries were “on a radically different level”, the statement said.

The new agreement envisions a new system for sharing taxes between the two countries, which will spur bilateral relations and investment between the two countries.

The treaty is in line with Bulgarian contractual practices and follows, in the main, the model for double-taxation agreements of the Organisation for Economic Co-operation and Development, the Cabinet said. The agreement is subject to ratification by the two countries’ parliaments.

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