Bulgaria's Parliament decided on Wednesday to decrease corporate tax from 19,5% to 15% in 2005. The rate of withholding tax on fringe benefits, business entertainment expenses, donations, sponsorship and the costs of maintenance, repair and operation of passenger cars for administrative purposes is to be cut as well, from 20 to 17%. The maximum annual depreciation rate of newly fabricated machinery, manufacturing equipment and plant, permissible for tax purposes, is increased from 30 to 50% as proposed by the Government.