Government needs €30bn in revenue to avoid contingency mechanism
The Greek government’s financial officers have an uphill struggle ahead of them, as it must ensure that public revenue will be at least 30.37 billion euros, in order to avoid implementing the contingency mechanism for slashing expenses.
A report in Ta Nea shows that the budget execution is on track, as after the first five months of 2016, the revenue so far is 18.40 billion euros, which is about 871 million euros above targets.
As such, the next few months will be critical, as hundreds of thousands of taxpayers will be called upon to pay higher income and real estate taxes, on top of other tax hikes that will gradually come into effect (such as the new, 10% tax on subscription television services).
Indicative of the concern within the government is the fact that while revenue was above the set target, during the first four months of the year, a total of 4.3 billion euros worth of new outstanding tax debts were generated.
You may be interested
Turkish lira continues its freefallmakis - May 21, 2018
The Turkish lira has continued to plummet so far in 2018, sinking to fresh all-time lows as a worrisome cocktail…
Businessman commits suicide in Athensmakis - May 21, 2018
A 90-year-old businessman in Athens put an end to his life in his house in Athens. The man, who was…
Anarchist group Rouvikonas invades Council of State Plenary sessionmakis - May 21, 2018
About 100-150 hooded individuals from anarchist group Rouvikonas invaded the Council of State building, where a closed-door plenary session was…