Tax freedom day in Bulgaria in 2010 is June 1

Tax freedom day in Bulgaria in 2010 is June 1

June 1 is this year's "tax freedom day" for Bulgarian citizens, according to the Institute for Market Economics (IME). This is the day when Bulgarians stop working for the state and start working for themselves.The 152 days from January 1 through June 1 represent the time it takes Bulgarians to earn enough to pay all the taxes levied against them this year, based on the Cabinet's Budget framework. Last year, "tax freedom day" fell on May 27.However, the planned Budget revision, which envisions a slightly higher gross domestic product (GDP) this year and reduced revenues, mean that tax freedom day might have come and gone already, IME said.Pinpointing the exact date was not possible, as the revised Budget figures for consolidated revenue and GDP had not yet been made public, IME said.Despite the reduction of some taxes, the Budget is still equivalent to about 40 per cent of GDP, an amount that IME believes to be too high, advocating the reduction of government size and more efficient usage of tax revenues.

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