NEWS

Alcohol to be tax deductable

Drinks at nightclubs will soon be tax deductible as part of the Finance Ministry’s plan to stamp out tax evasion. According to a draft bill submitted to Parliament yesterday, taxpayers will be able to deduct up to 40 percent of receipts collected from bars and nightspots from their taxable income. The move is aimed at getting Greeks to ask for receipts in sectors where tax evasion is considered to be rampant. The proposed law will also give a tax break for receipts from wedding receptions, karate lessons and services provided by electricians and plumbers. Greece is aiming to improve tax collection as part of its plans to further cut its budget deficit and to stamp out the unofficial gray economy, estimated at about 30 percent of its gross domestic product. Other provisions under the proposed tax law include setting up a national council to tackle tax evasion with representatives from all social groups.