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:
Source: Patria Finance
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