Measures to bring more taxes

The measures and countermeasures the government is preparing with the approval of the country's creditors will lead to further tax hikes as of 2019.

For some taxpayers the fresh load will be particularly heavy, not only for the retirees who will see great cuts to their pensions, but also freelance professionals, who besides their increased social security contributions will have to pay more to the tax authorities too.

The planned drop in the tax-free threshold for annual incomes from 8,636 euros today to 5,900 euros for an unmarried single taxpayer will generate extra income tax due amounting to 602 euros. Crucially, even if the tax rate is reduced - in case the countermeasures are activated following high primary surpluses - the net result will still see additional tax for all taxpayers compared to what they pay today.

It remains unclear whether the tax-free...

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