2012 Tax Freedom Day in Bulgaria Falls on April 20

2012 Tax Freedom Day in Bulgaria Falls on April 20

This year's Tax Freedom Day in Bulgaria falls on April 20, the local Institute for Market Economics (IME) said.

The Tax Freedom Day is the day when, theoretically, Bulgarian citizens would have earned enough money to pay their annual taxes.

In Bulgaria Tax Freedom Day 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 figures in 2008 and the state budget's turnaround to deficit, IME said in a statement published on its website on Thursday.

If taxpayers work five additional days for the state budget, their earnings could, theoretically, cover the budget deficit, IME said.

In 2012, Bulgarians will earn an average 223 million levs ($149 million/114 million euro) per calendar day, measured by the projected gross domestic product (GDP) for this year, therefore a total of 111 days are required to earn the 24.8 billion levs projected in the state budget for 2012.

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