Public economics
GDP shrinks but tax revenues grow
Tax revenues in Greece amounted to 66 billion euros in 2015, or 36.8 percent of the country's gross domestic product, up by a percentage point from 2014, according to the Revenue Statistics 1965-2015 report issued by the Organization for Economic Cooperation and Development (OECD). That is above the OECD member-state average of 34.3 percent of GDP.
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Tax exemptions to be slashed
Tax exemption cuts amounting to 180 million euros per year are expected to be confirmed by the government and the creditors in a conference call to take place on Sunday. However, social benefits are not expected to be affected.
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Turkish gov't to hold fewer Central Bank meetings, from monthly basis to 8 times a year
The Turkish government is set to revise the Central Bank's schedule for its rate policy meetings from a monthly basis to at least eight times a year, in a new draft law submitted to the parliament on Nov. 24, as reported by Reuters.
Where does Greeks’ tax money go? (tables in Greek)
The average Greek wage earner pays 60% of their salary to taxes and other forms of contributions to the state, according to official data, which is 20 percentage points above the German average and 70% over the OECD average! Nearly 70% of Greeks says they are unable to cover their financial responsibilities, while 3 out of 4 fail to pay their monthly bills.
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Bulgarian Firms To File Tax Declarations Online
Tax declarations under the Excise Duties and Tax Warehouses Act will be submitted online by businesses. The decision was adopted at second reading by Parliament. It is part of the amendments to the excise law.
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Excise Tax on Cigarettes Up to BGN 101 Per 1,000 Cigarettes
Parliament adopted at second reading the increase in the excise tax on cigarettes. It will increase from BGN 70 to BGN 101 per 1,000 cigarettes, reported bTV.
Budget provides for new taxes of 2.5 bln next year
The final draft of the 2017 state budget, tabled on Monday in Parliament, provides for new measures worth 3.3 billion euros. The Finance Ministry foresees the new measures, combined with the better-than-expected performance of those imposed this year, leading to a primary surplus of 2 percent of the gross domestic product in 2017, against a bailout agreement target of 1.75 percent.
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Cigarette tax hikes having opposite effect
Every year the Greek state misses out on tax revenues of at least 800 million euros due to the tax hikes it has imposed on cigarettes. With the new increases scheduled from 2017, it runs the risk of missing out on even more much-needed cash, as the shock of the hikes is likely to lead to a massive swing towards illegal tobacco products.
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Bulgarian Parliament OKs VAT Exemption for Donated Foods near Expiry Date
Foods donated by retailers to non-profit organizations will not be levied with a value-added tax (VAT) if the products are thirty days or less out of their expiry date, Bulgarian lawmakers have decided.
The tax exemption will only be applied if the total value of donations does not exceed 0.5% of the respective businesses' annual turnover.
Tax Declarations To Be Filed Electronically Only As Of 2017
Tax declarations will be filed electronically only for income accumulated after January 1, 2017, decided Parliament on Wednesday.
The BGN 1,000 discount for declarations filed before March 31, 2017 is still valid.
Tax payers will now be able to correct the declaration once only.