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No Tax Reform Without Debt Relief, Says Greece

by Lorys Charalambous, Tax-News.com, Cyprus

27 April 2017


Greece will commit to widen the tax base only if it receives debt relief from its bailout creditors, Prime Minister Alexis Tsipras has said.

Earlier this month, Greece agreed in principle to reduce the threshold at which individuals begin paying income tax as part of the latest review of the bailout. However, in a recent interview broadcast on Greek television, Tsipras said that legislation to put in place the changes could be reversed if debt relief wasn't included in a final deal, which is expected to be reached by May 22, when eurozone finance ministers discuss the issue.

"We will obviously legislate in order to secure a deal on debt relief," Tsipras told ANT1 television. However, he added that: "These measures aren't going to be implemented if the issue of the debt isn't resolved."

Greece has agreed to a significant reduction in the tax-free allowance to broaden the tax base and increase tax revenues. It is envisaged that changes to the threshold would be introduced in 2020, although the scope and timing of any tax reforms may change as the bailout talks continue.

TAGS: individuals | tax | value added tax (VAT) | Greece | tax reform | individual income tax

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