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Greece To Submit Tax Debt Settlement Law Tuesday - Source
By Nick Skrekas Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--The Greek government will submit to Parliament a bill allowing residents to quickly settle outstanding tax debts on Tuesday, hoping to raise EUR2.5 billion within three years, a senior person familiar with the matter said to Dow Jones Newswires.
"The government hopes to raise an extra EUR500 million this year and an additional EUR1 billion for each of the next two years to help achieve its revenue targets by encouraging tax debtors to settle their outstanding amounts via monthly instalments and finalize their debts," the person said.
"The bill will allow debtors that qualify under the law, to pay about 20% of their outstanding debt upfront and then they can spread the rest of the total over a maximum of 24 monthly instalments," the senior person added.
Greek Finance Minister, George Papaconstantinou, has previously said there are about 1.3 million outstanding tax-related cases, many progressing very slowly through the Greek legal system. "The tax courts alone are dealing with EUR30 billion worth in differences over tax and final decisions can take for up to 10 years, so we need a better solution," Papconstantinou added.
Greece has agreed with the International Monetary Fund and the European Union to cut its buget deficit to 8.1% of gross domestic product in 2010 from 13.6% last year. While expenditure cuts have beaten targets, revenue has lagged due to a recessionary environment.
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Consigli italiani ...![Big Grin :D :D](https://cdn.jsdelivr.net/joypixels/assets/8.0/png/unicode/64/1f600.png)
By Nick Skrekas Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--The Greek government will submit to Parliament a bill allowing residents to quickly settle outstanding tax debts on Tuesday, hoping to raise EUR2.5 billion within three years, a senior person familiar with the matter said to Dow Jones Newswires.
"The government hopes to raise an extra EUR500 million this year and an additional EUR1 billion for each of the next two years to help achieve its revenue targets by encouraging tax debtors to settle their outstanding amounts via monthly instalments and finalize their debts," the person said.
"The bill will allow debtors that qualify under the law, to pay about 20% of their outstanding debt upfront and then they can spread the rest of the total over a maximum of 24 monthly instalments," the senior person added.
Greek Finance Minister, George Papaconstantinou, has previously said there are about 1.3 million outstanding tax-related cases, many progressing very slowly through the Greek legal system. "The tax courts alone are dealing with EUR30 billion worth in differences over tax and final decisions can take for up to 10 years, so we need a better solution," Papconstantinou added.
Greece has agreed with the International Monetary Fund and the European Union to cut its buget deficit to 8.1% of gross domestic product in 2010 from 13.6% last year. While expenditure cuts have beaten targets, revenue has lagged due to a recessionary environment.
***
Consigli italiani ...
![Big Grin :D :D](https://cdn.jsdelivr.net/joypixels/assets/8.0/png/unicode/64/1f600.png)