ECONOMY

Huge tax load due by the end of the year

huge-tax-load-due-by-the-end-of-the-year

Greek taxpayers will have to respond to tax obligations running up to tens of billions of euros in the last five months of this year. Payments that up to last year were spread out over six or eight months will now have to be made in four or five installments, and every month as of August taxpayers and corporations will have to pay three or four different tax bills.

For this year’s budget to close with a primary surplus, tax revenues in the second half of the year will have to exceed 25 billion euros. In the first half they failed to reach 17 billion euros.

July was supposed to be a month full of tax payments, including the first tranche of income tax, the opening installment of the Single Property Tax (ENFIA) and the second tranche of corporate tax. None of this will happen.

Taxpayers will also be burdened by the increased value-added tax rates on dozens of commodities, while no measures have yet been taken to bolster the issuance of receipts by enterprises and to crack down on tax evasion.