SOFIA (Bulgaria), January 9 (SeeNews) – Bulgaria’s 2015 tax freedom day, when its citizens will theoretically have earned enough to pay their taxes for the year, will fall on May 2, the country's Institute for Market Economics (IME) said on Friday.
In the last five-six years, or since the economic crisis in 2009, no taxes in the country have decreased, IME said in a notice published on its website.
Taxes collected from citizens in 2014 were insufficient to cover Bulgaria's state spending - with tax freedom day falling on April 30.
The calculation of a country's tax freedom day is based on government data and forecasts including consolidated government revenue and gross domestic product (GDP). In 2015, Bulgarians will earn a total of 226 million levs ($136.3 million/115.6 million euro) a day, i.e. they will need 121 days to generate about 27 billion levs in budget revenue, the institute added.
(1 euro = 1.95583 Bulgarian levs)