Category Taxation in Greece

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...

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Greece Aims to Boost Tax Repayment

February 20, 2015 Taxation in Greece

ATHENS -The government of Greece is forgiving some overdue taxes and making it easier for low-income earners to settle their unpaid tax bills.

During a press conference held on February 19th the deputy Finance Minister of Greece Nadia Valavani indicated that the government will implement a new program to help taxpayers meet their tax obligations, by offering to cut some existing debts and by lowering the cap for the minimum payment required.

All currently outstanding debts which were incurred before the end of the 2013 year will be slashed by 50 percent, if the taxpayer can pay the remaining amount as a once-off payment, or in a scheduled series of payment with a minimum first payment of EUR 200.

Further, all taxpayers with debts outstanding at the end of the 2014 year will be eligible to...

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Revenues Fall in Greece in January Fall

February 14, 2015 Taxation in Greece

ATHENS – Greek taxpayers have delayed paying their taxes in January, in the hopes that the new government would have cut some taxes in its first few weeks of power.

Earlier this week the Ministry of Finance of Greece issued a statement confirming that tax revenues over the month of January were approximately 23 percent below the government’s own forecasts.

The total of all tax revenues collected in January was EUR 3.49 billion, while the government expected to see total tax revenues of EUR 4.54 billion.

The shortfall of nearly 1 billion has been attributed to the fact that many taxpayers intentionally delayed payment of their taxes in January, due to the recent snap election, and the possibility that a new government may immediately repeal several controversial tax measures, such as the...

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Greece Seeing Vast Improvement, But Remains Cautious

January 14, 2014 Taxation in Greece

ATHENS – While Greece is making noticeable progress towards an economic recovery, its international lenders need to scale back their demands and take a realistic view of the growth which can be achieved.

In a television interview on January 13th the Finance Minister of Greece Yannis Stournaras said that the country has nearly reached its fiscal and economic targets, including deficit reduction and debt repayment, and the government will continue to build upon this success in order to obtain further funding from loans and the international bond markets.

The Minister’s assessment of the country’s economic situation was based on new data released last week, showing that the national budget surplus over the first 11 months of 2013 was EUR 2.55 billion.

According to the Minister, in an effort...

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Half of Greek Businesses Dodge Taxes

August 12, 2013 Taxation in Greece

expenses_28sept2009_0522ATHENS – Tax evasion is still rife in Greece, with business owners around the country routinely pocketing sales taxes, and hiding all records of their profits.

The results of recent on-site inspections performed by tax investigators in Greece have indicated that nearly half of all businesses in the country are evading tax in some way, according to a statement issued by the Ministry of Finance on August 9th.

In total 1 465 businesses across the country were subject to on-the-spot investigations between July 25th and August 5th, with inspectors finding evidence that 731 of the businesses had willfully carried out some form of tax evasion.

The Ministry estimates that a total of 3 904 violations were committed by the offending businesses during the course of the checks.

The highest instance o...

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