Czech tax freedom day to be on June 27, same as in 2013 - Patria

Peníze, bankovky, česká měna, koruna, úspory - ilustrační foto.

published: 08.01.2014, 14:55 | updated: 08.01.2014 14:59:07

Prague - Czechs will celebrate the tax freedom day on June 27 this year, which is the same date as last year, according to calculations of company Patria Finance.

The tax freedom day is the day as of which people stop giving their entire income to the state and earn money only for themselves.

"No significant change has been made to the parameters of the tax system this year, unlike the previous two years," Patria Finance chief economist David Marek told CTK.

"The compound tax quota expressing the share of taxes, including customs duty and mandatory contributions to social security and public health insurance, on gross domestic product should stay at the level of 35.4 percent. The date of the tax freedom day should also stay the same," Marek said.

The date of the tax freedom day is calculated every year also by the Liberal Institute. According to its calculations, people in the Czech Republic were given tax freedom on June 11.

The institute uses data from the OECD, namely its estimate of the share of public spending on gross domestic product, to calculate the date.

The methodology used by Patria Finance divides the year into two parts in proportion corresponding to the share of the total tax revenues and net national income.

Tax freedom day, calculated by Patria Finance, from 1993 to 2014:

1993June 22
1994June 15
1995June 11
1996June 4
1997June 9
1998June 4
1999June 10
2000June 8
2001June 10
2002June 15
2003June 18
2004June 20
2005June 17
2006June 16
2007June 22
2008June 9
2009June 12
2010June 15
2011June 18
2012June 21
2013June 27
2014June 27

Source: Patria Finance

Author:
www.ctk.cz

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