Tuesday September 16, 2014 Search
Weather | Athens
28o C
21o 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)  
Pension review has saved state 42 mln euros, alternate finance minister says
ECB´s Liikanen says bank ready to take more action if necessary
Job creation is mostly seasonal
Primary surplus at 2.3 bln euros in end-August
Golden Dawn candidate found guilty of inciting racist violence
An Athens court on Tuesday served Golden Dawn parliamentary candidate Alexandros Plomaritis a one-year suspended sentence for inciting racist violence. The trial against Plomaritis was based...
PM to inaugurate new surgery wing at Evangelismos Hospital
Prime Minister Antonis Samaras is due on Tuesday to inaugurate the new surgery wing of the Greek capital's Evangelismos Hospital, built with funding from the National Bank of Greece. The new...
Inside News
SOCCER
Olympiakos, Atletico gear up for Champions League opener
A rousing 2-1 La Liga victory at Real Madrid on Saturday may suggest otherwise, but Atletico Madrid is still rebuilding after losing several key players in the close season, coach Diego Sime...
WATER POLO
Greece wins women´s U19 Europeans in water polo
Greece won the women’s European Under-19 Championship in Italy beating the host in Sunday’s final, for what was the country’s second gold medal in the competition’s history. The Greek teenag...
Inside Sports
COMMENTARY
Lessons not learned
One year since the assassination of rapper Pavlos Fyssas by a member of Golden Dawn in Keratsini, southwestern Athens, we now know a lot more about the activity of the neo-Nazi party’s hit s...
EDITORIAL
Promises, promises
Main opposition SYRIZA leader Alexis Tsipras was given the opportunity to set himself apart from his predecessors and their catastrophic practices during his recent appearance at the Thessal...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Pension review has saved state 42 mln euros, alternate finance minister says
2. Golden Dawn candidate found guilty of inciting racist violence
3. Olympiakos, Atletico gear up for Champions League opener
4. PM to inaugurate new surgery wing at Evangelismos Hospital
5. ECB´s Liikanen says bank ready to take more action if necessary
6. Thessaloniki woman arrested for cashing in dead aunt´s pension
more news
Today
This Week
1. Greece at bottom of social justice scale among EU28
2. Lessons not learned
3. Promises, promises
4. Thessaloniki woman arrested for cashing in dead aunt's pension
5. ECB's Liikanen says bank ready to take more action if necessary
6. PM to inaugurate new surgery wing at Evangelismos Hospital
Today
This Week
1. A Greek God
2. Greece on standby
3. Avramopoulos appointed Commissioner for Migration and Home Affairs
4. Central Athens traffic restrictions back in force on Monday
5. Pavlos Fyssas murder trial expected to start before the end of the year
6. EU bank tests may miss trillion dollar risk, study finds
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.