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Bold Tax Cuts In Greek Seven-Year Plan

By Lorys Charalambous, Tax-News.com, Cyprus

02 June 2014


Greece's Prime Minister, Antonis Samaras, has promised to slash taxes "everywhere," explaining that the Government's goal is to reduce corporation tax to 15 percent, the top rate of income tax to 33 percent, and to cut the reduced rate of VAT to no higher than 12 percent.

Samaras made the announcement while unveiling the Government's Development Plan, which he said represented a "New Greece" of competition rather than statism. The plan would be rolled out over the next seven years. He said that most people had experienced reduced property taxes already, and that plans had been approved for further reductions over the next two years. However, he cautioned that the measures will be implemented gradually, in order to protect budget surpluses.

The President also promised that the tax system would become "more human," and distinguish between those who are unable to pay and those who he said were stealing from the state – and from taxpayers – by evading tax. He said that moves against tax evasion had already brought in extra revenue, and that the country's 97 percent electronic submission rate for tax returns is "unbelievable" when compared with two years ago.

Samaras also said that he thought there would be at least EUR54.5bn (USD74.2bn) of investment in Greece's economy over the next seven years, and that unemployment would fall from being the highest in the European Union to a figure lower than the EU average.

TAGS: tax | value added tax (VAT) | property tax | corporation tax | Greece | tax reform | individual income tax | Tax | Tax Evasion

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