ECONOMY

Overdue debts climb to 2.63 bln euros in Q1

overdue-debts-climb-to-2-63-bln-euros-in-q1

New overdue debts to the taxman climbed to 2.63 billion euros in the first three months of the year, recording an increase of 389 million euros, according to data released by the  Independent Authority for Public Revenue on Friday.

In March alone, these debts stood at 2.50 billion euros, jumping by 468 million euros in 30 days.

It is estimated that a new scheme allowing the settlement of debts to the state, social security funds and local authorities in up to 120 installments played a part in the increase, as debtors hope arrears from 2019 will be included in the plan – which, according to the voted legislation, is not the case.