Bulgaria Welcomes Tax Freedom Day

Finance | April 20, 2012, Friday // 08:02|  views

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Bulgarians stop "working for the government" for this year on Friday, April 20, according to data provided by the Institute for Market Economics (IME)

The Day of Freedom from Government, or Tax Freedom Day, as it is popular around the world, is the day by which the nation has theoretically earned enough income to fund its annual tax burden.

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, however.

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.

In 2012, Bulgarians were expected to earn an average BGN 223 M per calendar day, measured in terms of projected GDP provided in the 2012 budget.

As a result, this year Bulgarians will take 111 days to earn the estimated BGN 24.8 B in revenues for the state budget.

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Tags: Tax Freedom Day, government, tax burden, social security burden, VAT, excise duty, income tax, corporate tax, Institute for Market Economics


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