Tax Freedom Day in Czech Republic on June 22nd

February 17, 2015 Taxation in Czech Republic

PRAGUE – Tax freedom Day in the Czech Republic comes 3 days earlier this year than in the last year, due to a number of small changes to VAT rates.

Tax Freedom Day in the Czech Republic in 2015 will be June 22nd, according to new information released on February 16th by Deloitte.

Tax Freedom Day is the hypothetical day of the year marking the point at which the average taxpayers has earned enough income to pay their tax obligations for the year.

This year Tax Freedom Day falls on the 173rd day of the year, three days earlier than in the last year.

The earlier arrival of Tax Freedom Day has been attributed to several tax changes enacted in the Czech Republic earlier this year, including tax relief for parents with the implementation of reduced rates of VAT on baby food, pharmaceuticals and books.

Currently, Lithuania has the earliest Tax Freedom Day in the EU, falling on April 29th, followed by Switzerland and Bulgaria, at May 1st and May 3rd.

Luxembourg and Belgium have the latest tax Freedom Days, being on September 22nd and August 7th.

Photo By: Lau Svensson