BUSINESS

Dramatic drop in incomes may put state takings at risk

PROKOPIS HATZINIKOLAOU

TAGS: Finance

The latest tax and social security reform, which has led to the overtaxation of individuals and businesses, has also resulted in soaring tax evasion and smaller incomes for freelance professionals, farmers and property owners.

The processing of tax declarations indicates that 8.9 million individual taxpayers declared incomes of just 73.6 billion last year, compared to 76 billion euros in 2014. The comparison with 2010 points to a 26.7-billion-euro decline, with half of that estimated to having been lost by the middle classes.

The latest income data are expected to be at the focus of discussions between Athens and the country’s creditors as the course of state revenues is vital to Greece maintaining its primary budget surplus at the required level of 3.5 percent of gross domestic product.

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