BUSINESS

Labor Ministry bill not to include tax debt settlement scheme

TAGS: Economy

A draft bill on social security reform that will be presented to lawmakers will not include a new system for settling tax debts to the state, Labor Minister Effie Achtsioglou said on Thursday.

“We are ready to submit the draft bill on social security funds and when will depend entirely on Parliament's schedule,” Achtsioglou told reporters on Thursday, explaining that the document will not contain the government's new scheme for tax debts, which is said to allow payment in as many as 120 installments.

According to earlier reports, the plan for tax debts will be similar in several respects to a scheme for protecting indebted homeowners from foreclosure. This means that the measure allowing tax debts to be settled in more installments than are currently permitted will likely not apply to debtors with 15,000-20,000 euros in deposits or sufficient assets to pay off their dues. It will also increase the income criteria in relation to the size of the debt.

Greece's creditors had reacted to the government's initial plan for a settlement mechanism without terms and criteria, forcing the Finance Ministry to go back to the drawing board. 

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