x

Economy

Greece Will Use Oil Refineries Profit Tax to Fund Food Subsidies

December 20, 2022

ATHENS – A 650-million euro ($690.74 million) plan to provide 10 percent subsidies on food bills for Greece’s low-income will be paid by receipts from a windfall profit tax on the country’s two oil refineries, the Finance Ministry said.

Facing a re-election fight in 2023 – after already putting up 9 billion euros ($9.56 billion) in state aid to cover 90 percent of soaring electricity bills on households, the New Democracy government has been trying to help deal with rising food prices.

But Prime Minister Kyriakos Mitsotakis earlier backed away from a pledge to consider lowering a 24 percent Value Added Tax (VAT) on food, his government instead pushing supermarkets to hold down prices on 51 essential items for a so-called Household Basket scheme.

The supermarket and groceries subsidies that will extend to food places such as bakeries will go to about 85 percent of households in the country under a staggered scale that sets conditions for eligibility.

Countries around the European Union have been announcing windfall taxes on oil and gas firms as part of emergency measures to help consumers deal with a twin inflation and energy crisis, Reuters noted in its report.

“Without any fiscal cost, we will tax the refineries for 2022 … to collect, we estimate, 650 million euros,” Finance Minister Christos Staikouras told state television ERT although rival political parties mocked it as insufficient.

The amount will be finalized once Greece’s two oil refineries, Helleniq Energy and Motor Oil, publish financial results for the fourth quarter, Staikouras said, the companies benefitting from earlier big increases in gasoline prices.

RELATED

For Hellenes and Philhellenes, there are a variety places, sentiments, and ideas that draw them to different parts of the Hellenic world.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

10 Years after Armed Standoff with Federal Agents, Bundy Cattle are Still Grazing Disputed Rangeland

BUNKERVILLE, Nev. (AP) — The words “Revolution is Tradition” stenciled in fresh blue and red paint mark a cement wall in a dry river wash beneath a remote southern Nevada freeway overpass, where armed protesters and federal agents stared each other down through rifle sights 10 years ago.

The Ford Bronco initially was conceived and designed for rugged outdoorsy types, a two-door means of escape to nature from the bustling cities of mid-century America.

MEMPHIS, Tenn. (AP) — LeBron James had 37 points — including six in the final minute — and 10 rebounds, and Anthony Davis had 36 points and 14 rebounds as the Los Angeles Lakers beat the short-handed Memphis Grizzlies 123-120 on Friday night.

SYDNEY (AP) — A man stabbed six people to death at a busy Sydney shopping center Saturday before he was fatally shot, police said.

ISTANBUL (AP) — More than 40 people remained stranded in cable cars high above a mountain in southern Turkey on Saturday, 19 hours after one pod hit a pole and burst open, killing one person and injuring seven.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.