Tax Freedom Day falls on May 28 this year

Slovaks needed to work three days longer to fulfil their tax duties than last year.

(Source: SME)

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 May 28 this year in Slovakia, according to Deloitte in Slovakia. While this is by three days later than last year, the approximately same period of time taxpayers will work to pay their taxes and levies also in Great Britain and Cyprus.

The least days required for taxpayers to meet their tax obligations this year are in Lithuania (April 29) and Bulgaria (May 2). On the other end of the ranking is Denmark (August 5) and Luxembourg (September 23).

“One of the important advantages of Slovakia’s economy is a lower tax burden as in most countries of the EU,” David Marek, Deloitte’s chief economist, as cited in the press release, adding that a taxpayer has to work 148 days on average to pay taxes in Slovakia, while the average in the EU is 176 which is coincidentally the same in the Czech Republic. This means that the tax freedom day in Slovakia will be by almost one month earlier than in the Czech Republic, where it will fall on June 20.

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

The tax freedom day is a simple and easily comprehensible demonstration of tax burden in the economy. The method used for calculating its date divides the year into two parts, in a ratio corresponding to the proportion of total taxable income to net national income, according to Deloitte.

Get daily Slovak news directly to your inbox

Theme: Finances and Advisory

Read more articles by the topic

Top stories

Senate voted STU rector down. Police called to the uni as well

The session of the Academic Senate proposed that Rector Fikar be dismissed.

Miroslav Fikar

Dozens of people die of COVID every day. A drop not expected for at least two weeks

People who would otherwise survive may die of other serious diagnoses due to the epidemic.

Illustrative stock photo

Slovakia orders a curfew and embarks on its COVID experiment

High turnout in testing in four northern districts, decision awaited on extending the project to the nation. Prison for a prominent prosecutor and parliament's speaker injured.

Waiting for the results of COVID tests during the pilot phase of the nationwide testing in the town of Nižná in Orava, northern Slovakia.

Volunteering in developing countries is an adventure from beginning to end

Slovak Jozef Baňás spent 12 months volunteering in Georgia.

Jozef Baňás