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Saturday, November 1, 2014

State Debtors Increase by 851,000

Greek state debtors will soon reach 4.5 million, according to an official report. In the last month alone, 851,201 more Greeks were added to the list of those who owe money to the tax office. Recent figures showed that 3.3 million Greeks have outstanding tax debts while more than a million have outstanding debts to insurance funds, making a total debt of 90 billion euros. Over 850,000 taxpayers chose not to pay their taxes in September in anticipation of the new government-announced debt settlement programs. The new state debtors expect to enter the 100-tranche plan with a minimum payment of 50 euros. This is expected to have an impact on state revenue in the coming months. Greece’s Finance Ministry is alarmed watching the number of debtors soaring by 35% in September, reaching 3,303,110 taxpayers. The total amount of debts to tax authorities and customs came to 68.4 billion euros, 51.77 of which were created up to December 2012 and the remaining 16.67 billion ranged from January 1, 2013, to September 30, 2014. Ministry data also showed that just 187,000 debtors took advantage of the previous two government-proposed debt settlement programs. Now, the Greek Finance Ministry rushes to have the new debt settlement plan ready in the TAXIS electronic system by November 10 so that taxpayers can start making payments. The public revenue office expects to draw 400 million euros from debtors by the end of the year. Finance Ministry officials promised that the debt settlement program’s electronic system will be easy to use and calculates the best possible number of tranches and the amount due each month.