Tax

Greece is Preparing to Cut Income Taxes

Greek workers, retirees and self-employed professionals will see a significant reduction in their tax bills in 2020, says a bill that reduces the lowest income taxes to 9 percent from 22 percent for income to 10,000 euros, Kathimerini reported.

The bill will also include provisions for construction and tax cuts on business profits.

Tax breaks coming in 2020

Salaried workers, pensioners and self-employed professionals will see significant reductions in their tax bills in 2020, according to a draft law that reduces the lowest income tax bracket to 9 percent from 22 percent for incomes up 10,000 euros, maintains the income tax-free ceiling at 8,636 euros per year and offers deductions for families with children.

Problems with homes’ VAT exemption

Complications are emerging in the introduction of the measure suspending the 24 percent value-added tax on transactions involving properties built with a permit issued after January 1, 2006. Sources say a number of technical matters have surfaced that render this favorable regulation rather difficult when it comes to unsold housing stock.

Tax authority: Romania no longer among EU states to experience tax gap widening

Romania is no longer among the countries that experience the widening of the tax gap, said the National Tax Administration Agency (ANAF), referring to the European Commission's recent VAT Gap report. For Romania, the figures show that the fiscal gap remained approximately steady at 35.8 percent in 2016 and 35.5 percent in 2017 (the numbers are rounded off to 36 percent for both years).

Pitsilis on a mission to improve tax compliance, says IMF publication

The head of Greece's tax collection agency presented its efforts to improve tax compliance in Greece in an interview with Finance and Development, a monthly publication of the International Monetary Fund.

Giorgos Pitsilis referred to the campaign to encourage tourists to ask for a receipt, dubbed "Apodixi, please."

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