New tax system in the pipeline

The government aims to unveil a new tax system by the end of next month, the Finance Ministry announced on Friday, while July data has given it reason to hope budget targets can be met.

The new system will include measures to curb tax evasion and create a more just levy and collection plan, according to the presentation, titled Strategic Greek Tax Management Plan 2011-2015, by the ministry.

Alternate Minister Pantelis Economou stated that ?July revenues exceed expectations by 3.16 percent and that was without additional measures last month. If we continue like that when we discuss the tax issues in the fall we will be within the targets of the midterm fiscal plan.?

Economou and the rest of the government were satisfied to see inflation drop to 2.4 percent in July, from 3.3 percent in June, according to data released on Friday by the Hellenic Statistical Authority (ELSTAT).

The decline was attributed to the summer sales and the decline in pharmaceuticals? prices.