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New tax measures: Less brass in pocket for Greeks

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29 Jun 2009

A number of new taxes were announced by Greek Economy and Finance Minister Yiannis Papathanassiou last week in an effort to shore up declining government revenues.

The new package will include higher taxes on fuel, mobile phones, lotteries, horse betting, cars with an engine with capacity greater than 2,000 cubic centimetres and recreational boats longer than 10 metres.

The Greek government will also impose a special tax on residences that have illegally expanded their living space and increase up audits and other checks on tax cheats.

The economy’s growth rate is expected to slow more than initially expected to around zero percent,” Finance Minister Yiannis Papathanassiou said.

Greece’s economy slowed sharply to an annual rate of growth of 0.3 percent in the first quarter from 2.4 percent in the last three months of 2008.

It is the second time this year the Greek government has turned to revenue boosting measures.

In March, faced with deteriorating public finances, the government opted for a one-off tax on individuals earning more than 60,000 euros along with a freeze on public sector wages for people earning more than 1,700 euros a month.

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