ECONOMY

Pressure on Greeks to pay €7bln in taxes by end of year

Greeks will have to pay 7 billion euros, just over 3.5 percent of GDP, in taxes by the end of the year as the government strives to meet the fiscal targets it has agreed with the troika.

About 3.5 to 4 billion euros of this amount will come from income tax and solidarity tax, which is calculated based on people’s annual wages.

It is estimated that the emergency property tax will bring in another 1.5 billion euros by the end of the year, with taxpayers paying three of the five instalments they have been allowed.

The regular property tax for 2011, 2012 and 2013 will also have to be paid over the next few months.

The pile up has been caused by a series of delays in taxation and changed to the tax code, which led to revenues being 1.6 billion euros behind the target for the first half of the year.