Sun, Nov 22 2009

Tax freedom day this year is on May 27

Tue, May 26 2009 12:15 CET byPetar Kostadinov 959 Views
Tax freedom day this year is on May 27

Photo: Julia Lazarova

May 27 is this year's "tax freedom day" for Bulgarian citizens, according to the Institute for Market Economics (IME). This will be the day when Bulgarians stop working for the state and start working for themselves.

The 147 days from January 1 through May 27 represent the time it takes Bulgarians to earn enough to pay all the taxes levied against them this year.

Despite the reduction of some taxes the state is still in control of about 40 per cent of GDP. For 2009 this rate is expected to be 40.2 per cent, the IME said. Last year "tax freedom day" fell on May 29. But in terms of total working days this was three days less than this year - 144 days.

For example, "tax freedom day" for South Korea came on April 23, for Australia it was April 30, for Slovakia May 10 and for Ireland May 19.

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