The Greek government on Wednesday unveiled a package of generous incentives — including a haircut of debt by 50% — aimed at boosting collection of overdue debt to the state. Greek Finance Alternate Minister Nadia Valavani, presenting the government plan in a news conference, said the plan offered a discount of 50% in all overdue debts recorded by December 31, 2013 — excluding VAT, property taxes, withholding taxes, leasing and special consumption taxes — if the debt was fully repaid, in a one-off payment or in installments with a minimum first installment of 200 euros. “Give anything you can from more than 200 euros once,” the minister said urging taxpayers to take advantage of this very favorable offer. For overdue debt recorded by December 31, 2014, all taxpayers will be eligible to take advantage of a 100 installment repayment program. “We urge all debtors to participate in this program with a small installment,” Valavani said, adding that the aim of the program was to offer an immediate respite to more than 3.5 debtors and to boost state revenue. The Greek minister made it clear that there would not be any other favorable repayment program. The deadline to participate in the program ends on April 30 for those wishing to repay in full their debt and on May 31 for participation in the 100 installment program. Valavani said that during the five years of the memorandum in Greece, overdue tax debt grew by 46.6 billion euros, with overdue debt soaring 60% in the period 2013-2014. A total of 3,670,000 physical and 447,000 enterprises had a total of 76 billion euros in debt to the state, of which 3,174,000 and 357,447, respectively had a debt of up to 3,000 euros. A total of 2,000 individuals and 4,000 enterprises had a debt of more than 1.0 million euros each. Valavani said that a new tax to replace a property tax would be announced after completion of a program to adjust objective property prices with commercial prices – expected by June. (source: ana-mpa)
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