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Economy

FinMin: Greece Hopes to Return to Tax Cut Policy from September

ATHENS — "We hope that from September onwards we will return to a fiscal policy of reducing taxes and social insurance contributions, focusing on the latter with permanent characteristics from 2021," Greek Finance Minister Christos Staikouras said on Thursday. In comments made to "ParapolitikaFM" radio, Staikouras said that by the end of June, early July, the ministry will have a clearer picture based on a decline in turnover of enterprises and that final decisions will be taken to reduce advance tax payment for enterprises, "a generous reduction". He noted that advance tax payments offer revenues of 2.5 billion euros to state coffers annually. The Finance minister also said that the ministry will unveil new legislatoin over increasing the number of tranches for income tax payment and of a special property tax, along with tranches currently frozen because of the pandemic. These will be paid from 2021 in 12 or 24 monthly tranches with an interest rate of 2.5 pct.

He reiterated that the country will not have any cash problem this year, even under the adverse scenario. Commenting on talks to create a Recovery Fund in the EU, Staikouras said talks will be difficult since there is a big gap between the proposal of the European Commission and several other countries of the north which support the idea of offering mostly loans (instead of subsidies) under strict condtions.

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ATHENS — Credit ratings company Fitch has revised Greece’s outlook to positive from stable, although it kept the country’s rating at BB, two notches below investment grade.

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