Greece Eyes Wealth Tax

March 1, 2015 Taxation in Greece

ATHENS – The government of Greece is looking at new measures to shift the burden of balancing the national budget towards the country’s wealthiest taxpayers.

In a television interview over the weekend the Minister of Finance of Greece announced that the government will enact several measures aimed at reducing the tax burden faced by low-income earners while placing a higher tax burden on the wealthy.

The Minister stated that the government is now looking at an “extraordinary tax” to be paid by wealthy individuals with incomes exceeding a preset income limit.

He added that the tax focus is not on raising the amount of tax paid by middle- and low-income earners by on taxing individuals “…who have money, but have never paid.”

In addition to raising the tax paid by the wealthy, the government also intends to reinstate the EUR 12 000 tax-free income threshold, although the measure will be brought back in stages, as the government’s fiscal position allows.

By: Images Money