ECONOMY

Legislation in works to revise the tax system

The Finance Ministry is preparing one more tax bill, likely to be tabled in Parliament this September. It is set to revise tax exemptions for individuals and corporations as well as value-added tax brackets.

The bill will also include provisions for the restructuring of the tax collection mechanism, which is set to involve private companies.

In the next few days Finance Minister Evangelos Venizelos will set up a committee to identify ways of combating tax evasion and reforming the collection system.

The plan, as spelled out by the memorandum signed by the government and its international creditors, will provide for the drastic reduction of tax offices across Greece.

October will see the start of the process for the closure of as many as 213 tax offices, to be completed by the end of the year. Each prefecture in Greece will only have one tax office, apart from Attica and Thessaloniki which will have more due to their larger populations.