Georgiadis: Tax Cuts More Than Cover Price Increases

September 8, 2021

ATHENS — "Every year we reduce taxes," Development and Investments Minister Adonis Georgiadis said on Wednesday in an interview with ANT1 TV, citing the example of VAT in restaurants and Uniform Real Estate Ownership Tax (ENFIA).

"The tax cuts already more than cover the increases but by Saturday you will learn of other measures," he said.

Georgiadis also referred to the announcements that Prime Minister Kyriakos Mitsotakis is to make at the Thessaloniki International Fair (TIF) on Saturday.

"Our government's policy is that the better our revenues, the lower the taxes," he underlined.

"Greece's turnover in the second quarter of 2021 was the same as what we had in 2019," the minister noted, referring to the quarterly GDP growth announced yesterday by ELSTAT, which he attributed in part to the "explosive rise in investments".

"The economy is doing very well, let's not paint everything black," commented Georgiadis.

He described price increases as a global phenomenon, citing inflation in the United States as an example. "Of course we are concerned about the phenomenon and we are watching it," the minister said, adding that "this price trend will start to de-escalate by the end of Chistmas at the latest. He added that what worries him is energy, which shows no signs of de-escalation.

"Greece is doing very well, which means that our government's policy is going well," he noted, adding that "an increase in the minimum wage has been announced, but this has also been increased by the reduction of insurance contributions."

Regarding the growth that was recorded, he said that "this came from exports and investments."


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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