2012 Tax Freedom Day in Bulgaria Falls on Apr 20

2012 Tax Freedom Day in Bulgaria Falls on Apr 20

This year Bulgarians will stop working for their government and will start working for themselves on April 20, a survey conducted by the Institute for Market Economics (IME) showed on Friday.

The so called Tax Freedom Day is the day when, theoretically, the people of a country as whole would have earned enough money to pay their annual taxes. In Bulgaria it usually falls in May but in the last three years it comes earlier in the year due to the lower revenues after the record-high figure in 2008 and the state budget's turnaround to deficit.

Bulgaria's 2012 budget sets revenues at 24.8 billion levs. As Bulgarians this year are expected to earn an average 223 million levs ($146 million/114 million euro) in one calendar day, measured by the projected gross domestic product, they would need 111 work days to generate the projected budget revenue figure.

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