Tuesday, 16 August 2011

Quite a Simple Answer - Pay More Wages and Pensions!

The less you earn the less tax you pay, so the answer to the problem is quite simply to increase earnings and pensions. Of course it is never as easy as that with competition for jobs in this current world economic climate.

Bulgaria's average taxable income stood at 583.56 leva in June, down by nine leva compared to May and by 15 leva compared to April, the National Statistics Institute (NSI) said.
According to NSI's reports for previous years, the country's taxable income traditionally declines in June, July and August. Statistical data for May and June 2011 also showed a drop in the average salary in the country, mainly due to the growth in the grey economy and the recruitment of low-paid workers in hotels, restaurants, agriculture and other seasonal industries. As a result, employment growth has led to a reduction in the average income of the population.According to Government estimates, the average taxable income should reach 610 leva this year to allow the country meet its insurance revenue targets. Otherwise, the state will seen an additional deficit, which will need to be filled up with the money from all taxpayers, including pensioners.