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Greek PM Hopes To Deliver Tax Cuts

by Lorys Charalambous, Tax-News.com, Cyprus

11 September 2014


Greece's Prime Minister, Antonis Samaras, has said that details of a "road map" for reducing taxes will be unveiled in the months ahead, during a speech in which he announced some initial tax cuts as a "first step."

Speaking at a trade fair in Thessaloniki, Samaras stated that Greece's economy is improving for the first time in six years. However, he vowed that Greece would not return to uncontrolled deficits, and therefore said any reductions to taxes will have to be gradual.

He announced that the country's heating oil tax will be reduced by 30 percent and the solidarity tax on personal incomes will also fall. He disclosed that the "road map" will include plans for a reduction to the top rate of personal income tax from 42 percent to 32 percent; a 10 percent cut to corporation tax, down to 15 percent; and also value-added tax (VAT) and property tax cuts.

The Prime Minister's speech followed recent talks between the troika of international lenders and Greek officials in Paris. Although Greece had hoped to gain permission for the cuts, the Troika has yet to approve the proposals. The troika has been calling for a simpler VAT regime from Greece in particular, framed around a headline rate of about 19 percent, down from 23 percent currently, and fewer reduced rates and exemptions.

TAGS: tax | economics | European Commission | value added tax (VAT) | property tax | corporation tax | tax rates | Greece | tax reform | individual income tax | Europe

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