Monday April 20, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Tax burden in Greece among EU’s heaviest, study reveals

Commenting on the findings of a recent Eurostat study titled “Taxation Trends in the European Union,” Alpha Bank has described the obligations of taxpayers in Greece as burdensome.

The study disclosed that annual tax revenues derived from capital in Greece represented 7.3 percent of GDP, compared to a European Union average of 6.7 percent.

Two-thirds of those revenues that derive from capital stem from earnings generated by capital investments, while the other third was came from tax imposed on capital holdings.

Alpha Bank noted that taxation levels for property in Greece ranked fifth in the EU, providing tax revenues that amounted to 1.4 percent of GDP in 2012, compared to 0.4 percent prior to the recession, now in its sixth year.

Based on its on figures, Alpha Bank noted that, in Greece, capital earnings tax amounted to 4.9 percent of GDP, while taxes paid on capital holdings reached 2.4 percent of GDP. The respective average EU figures were 4.7 percent and 1.9 percent.

Taxes paid by Greek households on capital earnings were more than double that of the EU average, or 1.4 percent of GDP, compared to 0.6 percent.

In 2012, Greek households held the second-highest place in terms of capital earnings tax, which has risen sharply in recent years, from 0.9 percent of GDP prior to the crisis to 1.2 percent of GDP in 2011 and 1.4 percent of GDP in 2012.

Based on these figures, analysts at Alpha Bank described the government’s plans to lighten the tax burden on taxpayers as a desirable move, “as long as [the revisions] do not lead to a new tax system made up of a patchwork of revisions without any growth objectives and cohesion. In contrast, they must shape a tax system with the most neutral repercussions possible, offering incentives for work, economic activity and savings.”

Commenting on the country’s new ENFIA property tax, the bank noted that the strong wider reaction was no surprise as “the effort to implement it comes amid conditions in which property earnings are not only being constantly reduced, but at the same time overtaxed, while a great proportion of wealth, such as real estate, is either not offering any yields, for taxes to be paid, or cannot even be liquidated.”

ekathimerini.com , Friday August 29, 2014 (21:53)  
Unclear strategy has everyone puzzled
Piraeus confirms absorption of Panellinia Bank
Social security problem is due to general economic issues
List of revenue measures drafted
Greece will not cross ´red lines´ on debt talks: deputy PM
Greece's deputy prime minister Yiannis Dragasakis said on Sunday that Athens would stand firm on its red lines in negotiations with its creditors for billions in aid, despite escalating fear...
Tsipras says EU needs urgent plan to tackle migrant crisis
Greek Prime Minister Alexis Tsipras urged the European Union on Sunday to urgently come up with a plan to tackle a mounting migrant humanitarian crisis in the Mediterranean. "The Mediterrane...
Inside News
GYMNASTICS
Petrounias wins gold in Europeans
Lefteris Petrounias won his first gold medal in a European Artistic Gymnastics Championship on Saturday finishing first in the rings at Montpellier in France. Petrounias was impeccable in th...
BASKETBALL
Panelefsiniakos is relegated from the Basket League
Panelefsiniakos has become the other team to go down from the Basket League, after Panionios, as in the battle for survival against Korivos Amaliadas it hosted on Saturday it lost to its vis...
Inside Sports
COMMENTARY
The price of compromise
The representatives of the middle-class political world made plenty of compromises over the years and now we are paying the price. The current government’s appointment of failed politicos, u...
EDITORIAL
Premier’s choice
Prime Minister Alexis Tsipras was not elected by the 4 percent that has traditionally formed the hard core of SYRIZA supporters. Greeks may be desperate and exhausted but they still have the...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Petrounias wins gold in Europeans
2. Greece will not cross ´red lines´ on debt talks: deputy PM
3. Tsipras says EU needs urgent plan to tackle migrant crisis
4. Panelefsiniakos is relegated from the Basket League
5. Olympiakos clinches fifth consecutive soccer league title
6. Unclear strategy has everyone puzzled
more news
Today
This Week
1. Coalition ponders next move as talks with lenders resume
2. The price of compromise
3. Greece bailout plan still lacking, ECB chief Mario Draghi says
4. Spike in Syrians seeking asylum in Greece
5. Potami not seeking cooperation with other parties, says leader
6. Panousis skeptical about law allowing early prison release
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greek finance ministry hits back at German newspaper report
3. Time to get serious
4. 'Civil war' brewing over disputed Greek goldmine
5. Putting off payments led to Q1 budget primary surplus
6. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.