Tax Freedom Day to Arrive for Bulgarians on May 1

Finance | April 30, 2013, Tuesday // 13:59|  views

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Bulgarians stop "working for the government" for this year on Wednesday,  May 1.

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.

In Bulgaria, this day traditionally falls in May, and its earlier arrival over the last four-five years is attributed to the economic crisis and the wider budget gap.

The symbolic calculations further show that from May 1 until May 5, Bulgarian tax payers will continue to work for the State, to cover the budget deficit for 2013 and these 5 days will end up being for the benefit of the treasury, sooner or later.

In 2013, Bulgarians will earn about BGN 223 M a day on average, meaning they need 120 days in order to produce nearly BGN 27 B in revenues slated for the 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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