Greek PM Announces Cuts to Crisis-Era Taxes
World Economy

Greek PM Announces Cuts to Crisis-Era Taxes

In his annual state of the economy speech, Greek Prime Minister Antonis Samaras has promised to cut unpopular taxes introduced at the height of the country's debt crisis.
Samaras made the annual speech marking the end of the traditional summer break on Saturday at the Thessaloniki International Fair.
In his address, he promised a 30 percent reduction in taxation on heating oil. The move reverses a measure passed in 2012 at the height of the country's debt crisis which failed to bring added revenue. He also said a "solidarity tax" and a deeply unpopular property tax would also be cut without providing details.
"This is the year that Greece has started to stand on its feet. It is still wounded, yes, but standing," Samaras said.
The government on Saturday also confirmed that the country's economy is expected to expand in the third quarter for the first time in eight years.
"The country has stabilized and is entering the path of growth," Samaras said.
At talks in Paris this week, Greek officials brought up the issue of tax relief and rolling back austerity with its lenders from the EU and International Monetary Fund (IMF) as part of the country's latest bailout review.
However, there has been no confirmation yet on whether they have agreed to the move. Samaras said details of the tax cuts would be presented in the country's draft budget in October.


Short URL : http://goo.gl/xVEdrn

You can also read ...

WB Predicts Myanmar Growth at 6.7 Percent
Given the government’s efforts to accelerate reforms and to...
Economists say the rise in rates would be much steeper if markets believed that Italy was actually prepared to go through with the plans. So far (the market reaction) has been clear, but not extreme.
The European Union's budget commissioner says he hopes Italy's...
New export orders in European manufacturing PMIs have been slipping for months and are likely to fall further in May.
While the on-again, off-again threat of an all-in trade war...
Poland to Become Less Dependent  on EU Funds
The Polish economy will become less and less dependent on the...
South Korea has ranked 5th with 1.1% expansion.
South Korea’s economic growth rate ranked fifth among members...
Talent Deficit May Hit Major APEC Economies
Asia Pacific faces an imminent labor shortage of 12.3 million...
Qatar Bans Goods From S. Arabia, UAE, Bahrain, Egypt
Qatar is stripping shop shelves of goods that come from rival...
N. Korea Not Seeking US Aid
North Korea on Sunday fumed at US reports that the country is...