Hampartzoumian: There will be no bank run resulting from the tax on interest
“There will be no run on bank deposits after the introduction of a 10% tax on the interest earned as of next year,” Levon Hampartzoumian, CEO of UniCredit Bulbank commented on Nova TV. “As a citizen, I do not like having my taxes raised. As a banker, I will technically obey the State and fulfil its demand,” he added.
According to Hampartzoumian, there are countries with even higher taxes on interest, but the aim is to encourage investments in other areas, while the stock market in Bulgaria is not so developed and there is not so much gold and silver. Traditionally, people either save money in banks or invest in real estate.
The banker said that financial institutions will offer additional products if customers want it in order to avoid the tax on interest. But, in that case, they will not benefit from the guarantee on deposits of up to €100,000, specified Hampartzoumian.
The banker predicted that 2013 will not differ very much from this year. He advised people to save either in Bulgarian currency or in Euros.
“Taxes in our country are relatively low, but the tax base is broader,” added the head of UniCredit Bulbank. According to him, we cannot expect to get public services as in Scandinavian countries, while paying taxes as in an offshore zone.
Source: klassa.bg