BUSINESS IN SHORT

Tax freedom day arrives four days later

TAX FREEDOM day is the symbolic day that marks the last day that taxpayers must work to cover their income tax and other mandatory obligations to the state for the year. This year the date has been calculated to be June 7, four days later than last year, the ČTK newswire reported. After June 8, in theory, income begins remaining with those who earn it.

TAX FREEDOM day is the symbolic day that marks the last day that taxpayers must work to cover their income tax and other mandatory obligations to the state for the year. This year the date has been calculated to be June 7, four days later than last year, the ČTK newswire reported. After June 8, in theory, income begins remaining with those who earn it.

Tax freedom day was calculated by the F.A. Hayek Foundation and the Association of Taxpayers of Slovakia based on the overall level of public redistribution of money in relation to GDP. In 2010 this figure is forecast to be 42.3 percent, meaning that the state will redistribute more than 42 cents of every euro earned in the economy.

The reason for the later date compared with 2009 was, according to the Hayek Foundation’s analysts, the slower growth of the Slovak economy, as well as the government’s reluctance to reduce its expenditures. Economic redistribution figures thus reverted to pre-2005 levels, the SITA newswire reported.

Finance Ministry spokesperson Miroslav Šmál said in reaction to the news that the income tax and payroll tax burden in Slovakia is among the lowest in the European Union.


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