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Saturday 11 February 2012

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• Vasios

New large tax increases fuel skyrocket inflation

New large tax increases fuel skyrocket inflation
The high taxes invalidate the efforts of Greek commerce to reduce prices in staple consumer goods, National Confederation of Greek Merchants (ESEE) president Vassilis Korkidis said Tuesday, commening on the rising inflation in Greece. Korkidis said that the imposition of excessive increases in indirect taxes skyrocketed inflation in June to 5.5 percent, bringing Greece back 13 years to the August 1997 levels, adding that the "tax increases" that were passed into the market, as well as those that will burden the taxpayer by the end of the year, unfortunately negate the socially responsible and honest effort of all merchants to reduce prices, and in addition create a condition of "tax expensiveness". He said the rise in the cost of living, especially during the summer sales period which was characterised by very large price reductions, should worry the economic staff of the government and particularly the EU-IMF troika inspectors, given that their initial forecast of a 1.9 percent increase has already tripled.

State budget deficit down

According to the preliminary data available for the state budget implementation for the first seven months of 2010 (January - July), on a fiscal basis the deficit amounted to 12,097 million euro, versus 20,050 million euro during the same period of 2009 and consequently declined by 39.7%, against a targeted 39.5% annual decline foreseen in the economic policy programme, the state's General Accounting Office announced on Tuesday.

The fiscal result of the seven months of 2010 is due to both a restriction of expenditures and increased revenues, and has been accomplished before the full attribution of the additional measures instituted on March and May, 2010, according to the office.

IKA losing 30 percent of its revenues due to contribution evasion

The state Social Security Foundation (IKA) is losing 250-300 million euros in revenues each month, IKA's new governor Rovertos Spyropoulos said in an interview with an Athens daily appearing on Monday, adding that the accrued debt of private and public enterprises to the foundation have reached 8 billion euros.

In an interview appearing in Monday's edition of Eleftherotypia newspaper, Spyropoulos said that 30 percent of IKA's revenues are 'lost', resulting in the foundation facing a financial shortfall and its beneficiaries feeling that their social security fund will be unable in the future to meet its obligations. "We have no more margins," he stressed.

He warned that as of November 1 there will be no tolerance on contribution evasion.

"Up to October, we will be lenient and give an opportunity to them to settle their debts. As of November 1, however, no tolerance," he said, adding that the target is to contain contribution evasion from the current 30 percent to 25 or even 20 percent in 2011.

ANA-MPA/


11.08.2010

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