Tax Freedom Day Comes ‘Early’ In Italy
On a slightly upbeat note, congratulations go to Italy’s taxpayers for celebrating “tax freedom day” a little earlier this year. For those unfamiliar with the concept, tax freedom day is the theoretical day in the year when you stop working to pay the government, and start keeping what you earn for yourself. And in that sense, I suppose it is a good indicator of just how much of a country’s income is taxed in one form or another.
Although most Americans are heard to grumble about their taxes, in the United States tax freedom day normally arrives well before summer (in the northern hemisphere), usually towards the end of April. But if you think things in Italy are bad, try living in Belgium, where, shockingly, last year you had to work into August before pocketing your own money! For Italy however, a tax freedom day of June 3 represents at least some progress in the Government’s attempt to reduce the country’s tax burden, coming as it does three days earlier than in 2015.
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look