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"Tax Freedom Day" Falls on May 25 this year

"TAX FREEDOM DAY", a symbolic marker used to measure each country's overall tax burden, fell on May 25 in Slovakia this year, the F. A. Hayek Foundation and the Association of Slovak Taxpayers - which performed the necessary calculations - announced.

This means that sum of Slovak taxpayers' (cumulative) earnings between January 1 and May 24 were in effect handed over to the state, while taxpayers will be able to keep all the money earn to themselves as of May 25.

"Tax Freedom Day has moved forward one week compared to last year," said F. A. Hayek Foundation chairman Martin Chren.

In 2006, Tax Freedom Day fell on June 1. Chren believes that the country's high economic growth and fiscal consolidation are the reasons for the change.

The foundation calculates Tax Freedom Day as a share of public expenditures on the gross domestic product. This share shrank by 1.8 percentage points to 39.6 percent. This means that the state keeps almost 40 hallers from every crown a taxpayer earns.

Ivan Švejna, the head of the F. A. Hayek Foundation, said that the foundation for the high growth was laid by the previous government. He attributed some of the merit for record growth to the current Robert Fico government as well.

"They are maintaining macroeconomic stability and they behave responsibly within the budget also, because the Finance Ministry does what it should," said Švejna.

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