Bulgarians to Work for State until May 2011

In 2011, Bulgarians will earn about BGN 211 M a day on average, meaning they need 124 days in order to make the BGN 26.2 B in revenues slated for the budget. File photo

Bulgarians will work to pay their taxes until May 4, 2011, according to the Institute for Market Economy.

The so-called "Tax Freedom Day" is a symbolic date when employees stop working for the State treasury and begin earning for themselves.

In 2011, Bulgarians will earn about BGN 211 M a day on average, meaning they need 124 days in order to make the BGN 26.2 B in revenues slated for the budget, the Institute's experts say.

The "Tax Freedom Day" in 2011 comes much earlier compared to the years before the economic crisis, over the revised data regarding the Gross Domestic Product (GDP) and the wider budget gap.

Experts from the Institute point out, Bulgarians would still have to cover the budget deficit, sooner or later, next year or even in several years.

10 additional days remain for 2011 when Bulgarians must work to fill the budget gap, but it would all depend on the ending percentage of the budget deficit for this year.

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