Bulgarians Anticipate Tax Freedom on April 20

Finance | January 6, 2012, Friday // 16:38|  views

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Bulgarians will work to pay their taxes until April 20 2012, according to the country's 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 223 M a day on average, meaning they need 111 days in order to make the BGN 24.8 B in revenues slated for the budget, the Institute's experts say.

Bulgaria usually welcomes its tax Freedom Day in May. The decrease in the number of days Bulgarians need in order to make the revenues does not mean that they have more freedom now, Institute for Market Economy analysts Peter Ganev has explained.

Fewer revenues are planned in the 2012 state budget and there will be a budget deficit. However, Bulgarians would still have to cover the budget deficit, sooner or later.

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Tags: Tax Freedom Day, taxes, revenues, budget, government


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