Tax freedom day to come later this year

Czechs will celebrate tax freedom day on June 19 this year, that is four days later than in 2011, according to the calculations of the financial company Patria Finance. According to the company’s chief economist David Marek the main reason for the slide is the raising of the lower VAT rate which has raised the tax quota from 34.7 to 35.1 percent of GDP. Tax freedom day is the first day of the year in which a nation as a whole has theoretically earned enough income to fund its annual tax burden.