BUSINESS

Greece might need to lower taxfree threshold sooner, report says

ELENI VARVITSIOTIS

TAGS: Economy, Taxation, Euro

Greek authorities might be obliged to bring forward plans to lower the taxfree threshold on income to 2019 from 2020 if the country's creditors deem that the primary surplus target of 3.5 percent of gross domestic product for 2019 is beyond reach.

The potential demand is mentioned in a draft compliance report by the European Commission made public on Monday by Bloomberg.

The report notes that "if necessary" Greece will be obliged to adopt legislation, to be agreed on with its creditors, that will ensure fiscal targets are met.

Whether additional measures will be taken in 2019 will be decided in May this year, according to the report.

The report also underlined the importance of Greece signing off on all prior actions including ensuring the smooth running of electronic property foreclosures and progress in the privatization of the country's natural gas grid operator DESFA. 

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