site.btaMay 18 is Bulgaria's Tax Freedom Day in 2019
NW 17:01:01 17-05-2019
LN1700NW.106
106 ECONOMY - BULGARIA - TAX FREEDOM DAY
May 18 is Bulgaria's
Tax Freedom
Day in 2019
Sofia, May 17 (BTA) - Saturday, May 18, is Tax Freedom Day in Bulgaria, the Institute for Market Economics (IME) said.
The public purse is expected to collect record large revenues of 43.9 billion leva this year, meaning that to pay the nation's tax and social insurance burden, Bulgarians will contribute all their earned income, averaging 319 million leva per calendar day, to the Exchequer for 138 days.
The tax burden is calculated for all Bulgarians, including children and pensioners, therefore Tax Freedom Day for the workforce comes at the end of June, according to IME.
The experts also note that this year EU taxpayers will help the Bulgarians for slightly over eight days of work for the public purse with nearly 2.7 billion leva of EU aid projected in the State Budget Act.
In recent years Tax Freedom Day has been coming ever later in the year, reflecting an increase in the tax burden. For instance, the contributions to public social insurance increased by one percentage point in both 2017 and 2018, and the maximum contributory income was raised in 2019. In the ten years since the flat income tax rate was introduced in 2008, there has been no decrease in the tax burden in Bulgaria, the IME experts said. RY/DD
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LN1700NW.106
106 ECONOMY - BULGARIA - TAX FREEDOM DAY
May 18 is Bulgaria's
Tax Freedom
Day in 2019
Sofia, May 17 (BTA) - Saturday, May 18, is Tax Freedom Day in Bulgaria, the Institute for Market Economics (IME) said.
The public purse is expected to collect record large revenues of 43.9 billion leva this year, meaning that to pay the nation's tax and social insurance burden, Bulgarians will contribute all their earned income, averaging 319 million leva per calendar day, to the Exchequer for 138 days.
The tax burden is calculated for all Bulgarians, including children and pensioners, therefore Tax Freedom Day for the workforce comes at the end of June, according to IME.
The experts also note that this year EU taxpayers will help the Bulgarians for slightly over eight days of work for the public purse with nearly 2.7 billion leva of EU aid projected in the State Budget Act.
In recent years Tax Freedom Day has been coming ever later in the year, reflecting an increase in the tax burden. For instance, the contributions to public social insurance increased by one percentage point in both 2017 and 2018, and the maximum contributory income was raised in 2019. In the ten years since the flat income tax rate was introduced in 2008, there has been no decrease in the tax burden in Bulgaria, the IME experts said. RY/DD
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