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Tax Freedom Day falls on June 3 this year

Tax freedom day, the first day in a given year on which people have earned enough to fund the state's annual tax demands, will fall on June 3 this year in Slovakia, according to an analysis by the Association of Tax Payers and the F. A. Hayek Foundation on June 3. This means that Slovaks satisfied their tax duties later this year than last year, when Tax Freedom Day fell on June 1.

Tax freedom day, the first day in a given year on which people have earned enough to fund the state's annual tax demands, will fall on June 3 this year in Slovakia, according to an analysis by the Association of Tax Payers and the F. A. Hayek Foundation on June 3. This means that Slovaks satisfied their tax duties later this year than last year, when Tax Freedom Day fell on June 1.

“The reasons of this year’s worsening are two: the slow-down of the growth of the Slovak economy, and another key factor is the consolidation measures of the government in the area of public finances,” Tomáš Púchly, analyst with the F. A. Hayek Foundation, said, as quoted by the SITA newswire.

The expected amount of the overall level of income redistribution in Slovakia stands at 41.71 percent of GDP, according to the F. A. Hayek Foundation. This means that from every euro created in Slovakia the state redistributes nearly 42 cents, SITA wrote.

In addition to the Day of Tax Freedom, the F. A. Hayek Foundation also counts the calculation of the tax and payroll burden of the average working person. This year every employee with an average salary receives only 49 cents from every euro the employer pays for their job. This means that the payroll taxes and taxes cost the employee more than 50 cents, SITA wrote.

The analysts of the Association of Tax Payers and the F. A. Hayek Foundation have been counting the Day of Tax Freedom since 1999 based on the calculation of the level of redistribution made by the state, i.e. the share of total consolidated public expenditure on gross domestic product, SITA wrote.

The historically “shortest” period during which taxpayers worked for the state was in 2008, when the Day of Tax Freedom took place on May 22.

Source: SITA

Compiled by Radka Minarechová from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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