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Bulgarians' tax freedom day falls on May 13 - think-tank

Bulgarians' tax freedom day falls on May 13 - think-tank Author: Graeme Churchard Licence: CC BY 2.0

SOFIA (Bulgaria), January 4 (SeeNews) – For Bulgarians the tax freedom day - the date on which they will theoretically have earned enough to pay their taxes for the year - falls on May 13 in 2018, the country's Institute for Market Economics (IME) said.

"In 2018, Bulgarians have to work just over 132 days to pay all taxes to the state," IME said in a notice published on its website, adding that in 2017 Bulgarian citizens needed 128 days to pay their taxes.

In recent years, there is a tendency for Bulgarian taxpayers to need more days in order to cover their debt to the government, which means that the tax burden is growing, IME noted.

The calculation of a country's tax freedom day is based on government data and forecasts including consolidated government revenue and gross domestic product.

In 2018, Bulgarians will earn a total of 289 million levs ($177.7 million/147.7 million euro) a day. Bulgaria's 2018 state budget sees consolidated revenues at 38.2 billion levs.

Bulgarians pay flat income tax of 10%.

In the third quarter of 2017, the average gross monthly wage in Bulgaria increased by an annual 10.2% to 1,037 levs, according to data from the National Statistical Institute.

(1 euro = 1.95583 levs)

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