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Greece Agrees Tax Measures With Lenders

by Lorys Charalambous, Tax-News.com, Cyprus

04 May 2017


Greece has reached a deal with its bailout creditors that will see personal income tax increased and public pensions cut.

Under the terms of the agreement, reached after a long-running review of the country's bailout, Greece has committed to lowering the threshold at which individuals begin to pay income tax in 2020. In doing so, Greece has secured another EUR7.5bn (USD8.2bn) in loans to pay debt which is due to mature in May and will also benefit from debt relief, although the exact terms have yet to be agreed.

Reductions in public pensions will begin in 2019, and together the measures are expected to achieve savings for the Government worth two percent of gross domestic product.

The IMF said last year that a generous tax allowance allows around half of households to escape income tax. By comparison, on average, only eight percent of households are exempted from income tax in the eurozone.

TAGS: individuals | tax | pensions | Greece | individual income tax | European Union (EU) | Europe

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