BUSINESS

Controversial taxes set to undergo re-examination

By Prokopis Hatzinikolaou

The Finance Ministry is set to overhaul tax regulations that have generated anger among taxpayers, accountants, property owners, farmers and entrepreneurs, according to instructions that Prime Minister Antonis Samaras gave on Wednesday to Deputy Minister Giorgos Mavraganis.

The government is expected to announce reductions in various fines, likely next week, along with changes to the frequency that farmers have to submit detailed lists of their clients and the new requirement of their having to keep books. The 1,000-euro fine for the delayed submission of value-added tax declarations is seen being reduced by 50 percent.

Another issue focused on during a meeting on Wednesday at the ministry was the capital gains tax on property transactions. Ministry advisers have already started working on changes to the tax after it became apparent that it is inapplicable.

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