Sofia Residents Reap Over BGN 4 Million in Savings on Local Taxes for 2024
Sofia residents who have dutifully paid their local taxes for the year 2024 have collectively pocketed a substantial sum, saving a remarkable BGN 4,678 million by April 14
Half of the annual income of every Bulgarian is returned to the treasury in the form of personal tax burden, showed estimates of the economists at the Institute for Market Economy.
The tax burden of every working Bulgarian reaches up to 45% of his/her income and when municipal taxes and fees are added, it becomes nearly 50%.
Social security contributions, VAT and excise tax make up the greatest burden.
According to economists, every single Bulgarian will pay to the treasury BGN 5,140 for expenses planned under budget 2017. The amount accrued for every Bulgarian under the state debt over the years is an additional BGN 3,340.
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