Main debate on debt settlement bill starts Monday afternoon

Main debate on debt settlement bill starts Monday afternoon

A bill outlining a new scheme for the settlement of debts to the state, social security funds and local authorities in up to 120 instalments will be introduced to the main Parliament chamber on Monday afternoon.

During its debate in the Parliament’s committees, the government and the opposition agreed to fast-track the procedure, which means the bill will be voted on on Tuesday.

The bill secured the backing of ruling SYRIZA, the Democratic Coalition and Potami in the committees, while New Democracy, Golden Dawn and the Union of Centrists said they will present their view at the plenum discussion.

Under the new legislation, individual debtors declaring a total annual income of up to 10,000 euros will have the opportunity to pay off their arrears in up to 120 monthly tranches, with a minimum value of 30 euros per tranche.

For debtors with incomes above 10,000 per year, the number of tranches will be determined by the tax administration based on each debtor’s personal income in 2017 and the amount of the debt that will be put up for settlement under the new arrangement.

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