ECONOMY

Piraeus Port Authority facing problems due to tax woes

piraeus-port-authority-facing-problems-due-to-tax-woes

One of the country’s largest public companies is without its annual tax clearance certificate. The Piraeus Port Authority (OLP) has been without a tax clearance certificate for around one year due to its debts to several municipalities, including the Municipality of Piraeus.

The confirmed arrears amount to 140 million euros, an enormous sum for a company with an annual income of roughly 100 million euros, of which 40 million comes in the form of payments from Cosco, which operates the port’s terminals I and II.

The absence of a tax clearance certificate, among other problems, has stalled investment in the port’s cruise harbor.

The 112-million-euro project, 95 percent-funded by the European Union, requires both insurance and tax clearance.

The port’s new administration, appointed this past June, has requested the intervention of the country’s finance minister, Euclid Tsakalatos, to resolve the issue.

The minister has promised to look into the situation since it threatens both further investments and the privatization of the port.

OLP’s new executive board has convened five times in less than a month in a bid to resolve the issue.