Bulgaria's Tax Freedom Day Comes on April 30

Business | April 29, 2014, Tuesday // 17:16
Bulgaria: Bulgaria's Tax Freedom Day Comes on April 30 File photo.

This year the Tax Freedom Day in Bulgaria comes on April 30, according to an analysis of the Institute for Market Economy (IME). 

This is the day, when the planned revenues of the state budget would be completed, if the state took everything the people earned. 

Traditionally Tax Freedom Day in Bulgaria is either in the and of April or the beginning of May. In the past 5-6 years it tends to come earlier, as the government plans a budget deficit. 

The IME analysis of the official data shows, that in 2014 the working Bulgarians would produce an average of BGN 228 M per calendar day, measured through the expected GDP. Respectively, they would need to work 120 days to generate the planned BGN 27 B national budget revenues. 

Most days would be spent for generating VAT revenues – 36. For excise duties would be needed 19 days. For various insurance payments – 27 days, of which 19 days for social insurance and 8 for health insurance. The income tax would need 12 days and 7 days - for corporate tax. Another 7 days are necessary for state and municipal taxes. Three days of work are for covering the property taxes.

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Tags: Tax Freedom Day, Bulgaria, state budget

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