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In Luxembourg, Tax Freedom Day fell on 20 May 2012, according to a study by PwC and the Catholic University of Leuven in Belgium. Tax Freedom Day is the symbolic date on which the taxpayer stops working for the state treasury and begins earning for himself. Luxembourg fares better than its neighbouring countries, but its tax burden is higher than that of the USA, Hungary and Cyprus.
The financial crisis and Governments’ decisions in many countries to raise taxes undoubtedly had an impact on the overall tax burden borne by households and companies. Belgium, which had its Tax Freedom Day on 14 June, tops the list with an overall tax burden as high as 45% of GNP. In Germany, the day fell on 3 June, while in France it fell on 12 June. The Netherlands and Luxembourg held...
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