ECONOMY

Interest grows for ‘last chance’ debt settlement scheme

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Tax authorities have recouped just under 194 million euros of unpaid debt thanks to increased interest in the 120-installment repayment scheme, hailed as the “last chance settlement,” ahead of its September 30 deadline.

According to sources in the tax administration quoted by the Athens-Macedonian News Agency (ANA-MPA) on Friday, the increase in applications for the scheme has largely hinged on the recent reduction of the interest on outstanding debt to 3 percent, as well as on the minimum installment to 20 euros.

Two other improvements introduced by the recently elected government have also played an important part in its success, the sources added. The first is a ban on the seizure of the deposits of debtors who are signed up to the scheme, while the second is a break for taxpayers who did not file an income declaration in previous years, allowing them to add their new debts to the outstanding amount.

According to Finance Ministry figures cited by the ANA-MPA, 228,644 agreements have been made between debtors and the state for the settlement of a total of 1.8 billion euros, with the amount recouped so far at 193,891,650 euros.