ECONOMY

In Brief

Gov’t plans large income tax cuts The tax rate for incomes up to 50,000 euros will be cut from 40 to 25 percent over three years, Economy and Finance Minister Giorgos Alogoskoufis said yesterday, explaining that the government aims for the cuts to begin for 2007 incomes and be completed in 2009. The cuts would be part of a tax scale overhaul which would mean zero income tax for most taxpayers. «My preference is for a single tax rate above a high tax-exemption ceiling for lower incomes,» Alogoskoufis said. «An intermediate solution would be a two-rate scale. First, a main rate at 25 percent, which would apply for a large part of the income above the tax-free ceiling, and a top rate at 35 percent that would apply for really high incomes. Under such an overhaul, the tax-free ceiling would rise from 11,000 euros to 13,000 euros, and a 25 percent rate would apply thereafter for incomes up to 50,000.» Antenna closes deal with Germany’s G+J Media group Antenna TV said yesterday it has closed the sale of a 50 percent stake in Antenna Publications to German group G+J International Publishing Holding GmbH, following an earlier agreement in October. Antenna TV Chief Financial Officer Nikos Angelopoulos told Reuters the stake was sold for 19.8 million euros ($23.5 million). Antenna Publications holds 95 percent of Daphne Communications, which publishes consumer and technical magazines. «G+J is one of the biggest publishing firms in Europe and prospects for further development of Daphne are favorable,» Angelopoulos said. «There will be joint management of Antenna Publications.» G+J is a unit of German media group Bertelsmann. (Reuters) Foreign investors propel ASE Net capital inflows from foreign investors in the Athens stock market this year are approaching 5 billion euros and account for more than 50 percent of daily turnover, bourse chief Spyros Kapralos said yesterday. Deal cemented Italian cement firm Cementir has won approval from Turkey’s antitrust authority for its acquisition of firm Edirne in a $166.5 million deal, it said in a statement yesterday. Cementir already controls Turkish cement firm Cimentas. (Reuters) Virtuous circle The Turkish equity market is now in a «virtuous circle whereby political stability has begotten economic success, which in turn has helped politicians push through more structural reform,» Citigroup said yesterday. (Reuters) Interamerican resignation Dimitris Contominas, founder and president of leading insurance company Interamerican resigned yesterday, as «mutually agreed» with the firm’s Dutch-based parent Eureko group. He is replaced by Adrian Hegarty. In a written statement, Eureko said it views Interamerican as the springboard for its expansion in the Balkans.