A summer tax tornado as 29.2 billion euros due by year's end

Greece's 8 million individual taxpayers and companies will have to hand over some 14.8 billion euros in taxes between now and the end of the year, on the basis of their revenues, property and other assets. When indirect taxes are added, the total comes to some 29.2 billion euros, with the bulk of it due in the summer months.

This year's income taxes are especially harsh on people earning more than 35,000 euros per year, as they are expected to pay an average of 40 percent more than they did last year. If we add the rise in higher social security dues, the increase comes to 70 percent. This is likely to lead to even more people being unable to pay taxes and social security contributions. It is worth noting that tax arrears increase by about 1 billion euros each month, whereas total outstanding social security dues stood at 23.3 billion euros at the end of June.

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