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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.

Topic: Finances and Advisory

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