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A Storm of Taxes Set to Hit Greece in the Coming Days

taxesThe major changes and increases on the Greek tax system, as they were stated in the country’s third bailout agreement will begin in October, causing a tax storm for Greek citizens.
Specifically, the deadline for the second installment payment of income tax and the additional luxury tax for people with high displacement cars, swimming pools or boats ends Wednesday, September 30. Citizens who had already paid the tax, have already received supplementary tax slips for the luxury tax that was increased from 10% to 13%.
In October Greek farmers and businesses will receive a supplementary tax slip, since their advanced tax was doubled after the agreement on the third bailout program. During the same month citizens will also receive the notice for property tax, while the government will also implement the increase on agricultural oil, from 66 to 200 euros per kiloliter. As of October 1, the VAT will also increase on Greek islands.
Moreover, in October there will also be a 50% reduction in the heating benefit and an increase on rental income taxes from 11% to 15% for amounts up to 12.000 euros and from 33% to 35% for larger amounts. Farmers will once again draw the short straw, since according to the tax authorities, their income tax will increase from 13% to 20%, while tax breaks will be abolished and the special tax will become permanent.
Troika to arrive in Athens on Monday
The troika is scheduled to arrive in Athens over the next week for a series of meetings with Greece’s newly appointed ministers. This will kick off the battle between the two sides in regards to the first review.
The team will mainly focus on the recent budget development. The lenders have already made clear that Greece will need further measures in order to pass the upcoming reviews, however the new program is expected to be harsher, since it includes pension reforms, the recapitalization of banks, structural reforms and various changes across the economy and societal spectrum.
Lenders have expressed their wish to first witness the implementation of the voted measures, before providing Greece with the much needed funds, in order to ensure the achievement of budgetary targets.

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