Bulgarians Welcome Tax Freedom Day

Business » FINANCE | May 1, 2013, Wednesday // 09:48
Bulgaria: Bulgarians Welcome Tax Freedom Day

Bulgarians begin earning money for themselves Wednesday after working for the State since January 1 until the end of April.

The so-called "Tax Freedom Day" is a symbolic date when employees stop working for the State treasury and begin earning for themselves.

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 i.e. the State seemingly takes less, but continues to spend as before by using reserves and accumulating new debts,

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: revenues, Tax Freedom Day, budget deficit, GDP, Institute for Market Economy, taxes, VAT, excise
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