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BREAKING NEWS

June 1: Tax freedom day

THIS year's tax freedom day falls on Thursday, June 1, according to the Slovak Taxpayers Association and the F A Hayek Foundation.

THIS year's tax freedom day falls on Thursday, June 1, according to the Slovak Taxpayers Association and the F A Hayek Foundation.

The foundation calculated this date based on estimated consolidated public spending in relation to gross domestic product (GDP). Until this date, the average citizen's salary is consumed by taxes and other compulsory payments to the state.

The total tax and compulsory payments burden has improved from last year, when tax freedom day fell on June 7. The redistribution rate in Slovakia decreased this year from 42.4 percent of GDP to 41.4 percent, meaning that that the government spends about Sk0.41 of each crown produced, according to F A Hayek Director Martin Chren.

The redistribution rate also takes into consideration expenditures covered by the EU budget, the SITA news wire wrote.

"Although the redistribution rate is still too high, at over 40 percent of GDP during the longer term in Slovakia, we can see a downward trend," Chren said.

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