Greece’s Government Council for Economic Affairs (KYSOIP) decided on Monday night that measures worth 5.5 billion euros are needed in order for Athens to come to an agreement with creditors on the bailout program.
According to a government official under conditions of anonymity, lenders agreed that Athens should take measures equivalent to 3 percent of GDP, not 4.5 percent as the International Monetary Fund requires. This amounts to 5.5 billion euros.
The official estimates that the evaluation will be completed by April 15. However, he said, that the hard part for Athens is to take tax measures that would bring 1.8 billion euros in revenue for 2018.
Now the finance ministry concentrates on three sources to draw the 5.5 billion euros needed. Ministry officials propose new fuel taxes, raise in contributions and changes in income tax.
Specifically, the ministry considers raising excise tax on diesel fuel and equaling diesel fuel price to the price of petrol.
Contributions will be raised and cuts on supplementary pensions will be implemented.
On taxation, the government proposes lowering the threshold of tax-free income and changes on income tax scales.
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