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Taxes
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PoliticsGreek Politics
Rising contributions spark concern in key voter groups Apart from turning a primary deficit into a surplus in what is expected to be a low-growth environment next year, the government is also facing another challenging balancing act as it will have raise social security contributions for the self-employed despite pledging lower levies for employers and employees.
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Economy
OECD finds tax cuts linked to pandemic helped reduce wedge on labour The Greek government came into office in 2019 promising tax cuts and the adoption of the Stability and Growth Pact escape clause by the eurozone during the pandemic allowed New Democracy to reduce the tax wedge on labour, along with 43 billion euros of Covid-related relief over 2020 and 2021.
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EconomyMacroeconomy
Resilience evident in Apr budget execution data as taxes beat target by 1.79 bln The budget primary balance for the first four months of 2022 came to a deficit of 811 million euros, compared to a deficit of 6.2 billion euros in the same period last year, according to the preliminary Finance Ministry (MoF) budget execution data released on Monday.
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PoliticsGreek Politics
Govt readies additional inflation relief package, draws up new budget The government is set to announce later this week the enhanced package of relief measures aimed at cushioning the impact of the war in Ukraine on Greek businesses and households but also insulating New Democracy from potential voter dissatisfaction.
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PoliticsGreek Politics
Greece voices support for Ukraine as govt counts cost of war's impact on economy, public finances Prime Minister Kyriakos Mitsotakis has made it clear that politically his government will stand with the European Union and NATO over Russia’s invasion of Ukraine as his ministers scramble to find ways of mitigating the economic impact of the war.
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PoliticsGreek Politics
PM pledges more support as he seeks to resist inflation, pandemic threats The government is searching for a way to break out of the corner in which inflation and its own missteps have placed it, with the drive being led by Prime Minister Kyriakos Mitsotakis who promised more financial support for consumers as well as further tax cuts over the weekend.
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Economy
Rising yields, market turbulence limit government's fiscal options It seems that the Finance Ministry toying with the idea of countering inflation by reducing VAT and special consumption taxes on fuel and basic goods only lasted about a week, partly due to developments on the bond market, which have been exacerbated by the ECB signalling last Thursday that it is set to tighten monetary policy this year.
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PoliticsGreek Politics
Opposition cries foul on government's tax priorities Kyriakos Mitsotakis’s announcement of a permanent cut to the controversial ENFIA property tax has been picked apart by opposition parties who are questioning whether it will have a significant impact on the tax burden of most homeowners.
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PoliticsGreek Politics
Greece aiming to complete post-bailout monitoring this summer As a cold snap gripped Greece on Monday, the government had more than one reason to look towards the summer, when it hopes that the post-bailout monitoring by creditors will come to an end.
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EconomyMacroeconomy
Draft 2022 budget represents first attempt to restore post-pandemic fiscal order Following two years during which Greece was allowed, thanks to the SGP escape clause, to run substantial deficits to protect its economy from the impact of the pandemic, 2022 sees some sense of fiscal order returning based on the draft budget submitted to Parliament on Monday.