2013: We Will be Working for the Government until May 1st
Bulgarians will be working till the 1st of May to pay up their taxes for 2013. Figuratively this is the day when taxpayers will stop working for the government and start earning money for themselves. The date marks the time when state coffers will be full if everything produced in the economy is instantly confiscated by tax authorities – we call this day Tax Freedom Day (TFD). This year’s TFD bears a certain irony because it coincides with Labor Day – traditionally a non-working holiday. Usually in Bulgaria the Tax Freedom Day is in May and in the last 4-5 years it was in early May – the main reasons for this being the crisis, slow economic growth and the budget deficits that we have experienced lately. In other words it looks as if the government spends less but there isn’t much difference between now and a couple of years back.
One of the major difficulties which young people face when looking for their first jobs are previous experience requirements, which employers usually require from applicants. The currently existing internship programs, offered by various businesses, nonprofits and state administration offer an elegant solution to that problem, which benefits both sides – young people receive valuable practical skills and recommendations, employers find competent and enthusiastic employees at a very low (or sometimes no) price. So far, internship programs were not regulated by special legislation, so it was up to employers and interns to arrange this type of labor. This week, however, CEDB announced their plan to impose regulation on these activates by introducing amendments in the Labor code, to come in force in the beginning of 2014.
IME Received the Special Forbes Award for Protection of Economic Freedom
On December 5th 2012 Forbes Bulgaria gave their second annual business awards, given to those who employ the best business practices and encourage entrepreneurship in Bulgaria. At the ceremony held at Sheraton Hotel – Sofia, the Institute for Market Economics received the special Forbes award for protection of economic freedom.