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Greek Parliament Approves Austerity Measures

by Lorys Charalambous, Tax-News.com, Cyprus

31 May 2017


A package of austerity measures which includes a widening of the tax base has been approved by the Greek parliament.

Greece agreed to undertake a further round of measures to increase tax revenue and reduce public spending earlier this month, in order to secure fresh funds from its bailout creditors.

Under the terms of the agreement, Greece has committed to lowering the threshold at which individuals begin to pay income tax in 2020.

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

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