ECONOMY

In Brief

Ministry issues detailed list of tax-deductible expenses The Economy Ministry published yesterday a detailed list of tax-deductible expenses for enterprises and self-employed professionals. Only those expenses will be exempt from taxation, hence companies and freelancers should be careful as all other expenses will incur tax. The list is extremely detailed, leaving hardly any scope for subjective interpretations, which often led to under-the-table transactions between taxpayers and tax officials or to the tax courts. The list was compiled using records of past cases of disputed exemption in company books. Any taxpayers spotting cases missing from the list will be able to submit an application to be examined by a special committee to be set up. After the first half of the year, the list may be complemented if deemed necessary. Special pumps, fill spouts and microchips for state vehicles To curb the waste of state money, the Economy Ministry aims to better monitor the fuel used by state cars, as surveys by the ministry have shown irregularities amounting to 60 million euros. The 20,000 state cars need about 90 million euros worth of fuel, but the state spends 150 million euros, with the difference going to private vehicles. To combat this fraud, the ministry proposes, in conjunction with the Development Ministry, the installation of special pumps in petrol stations at state organizations, and special gas tank fill spouts on state cars so that only they can be fueled by state pumps. State cars and pumps will also have a microchip monitoring fuel intake and consumption. Maillis Investment in packaging and strapping group Maillis’s two production lines in its US plant will reach 7 million euros in 2005. Its polyester production line will start operating in the first half of the current financial year, and the second, producing metal straps, at the end of the year. National Securities has raised Maillis’s target price from 4 to 4.30 euros, confirming its «buy» recommendation, after Maillis revised its 2004 estimates in expectation of a 15 percent rise in turnover and a 24 percent rise in profits. Hyatt-Albania Hyatt Regency Hotels & Tourism Hellas announced it will bid in the international tender for a license to operate a casino in the Albanian capital, Tirana, for 15 years. Hyatt is participating with 51 percent in the bidding consortium through its 60-percent subsidiary Gaming Investment Overseas SA. The remaining 49 percent belongs to the Albanian company owning the casino premises. Yacht registration Fresh incentives for pleasure boats to register under the Greek flag, and pay annual mooring charges, will be announced soon by the Merchant Marine and Economy ministries, including the abolishment of the obligation to have a minimum number of crew. Officials estimate the measure could add some 100 million euros to public coffers. Aegean Airlines – EAB State-owned Hellenic Aerospace (EAB) has undertaken to provide maintenance support to Aegean Airlines’ Boeing 737-300 and 737-400, and AVRO-RJ-100 aircraft, including accessories and engines, according to an agreement signed yesterday. It is EAB’s first civil aviation contract.