A shrinking tax base is one of the results expected in this year’s collection of revenues from income tax returns, with the process now ongoing ahead of this summer’s deadlines.
By Thanos Tsiros
A shrinking tax base is one of the results expected in this year’s collection of revenues from income tax returns, with the process now ongoing ahead of this summer’s deadlines.
The reasons for the expected decrease are none other than shrinking wages for private sector employees, increasing changes in work contracts from full time to part time, as well as cuts in pensions envisioned in the latest austerity package, which was rushed through Parliament last month by the leftist Greek government.
At first estimates, lower wages are expected to have dropped by 1 to 1.5 billion euros, as a whole, yoy.
Additionally, businesses now face taxes on profits at 29 percent, for 2015 results.
Some 8.5 million individuals in the country declared income of 74 billion euros in 2015, of which 32 billion emanated from public and private sector wages; 24.6 billion euros were from pensions; roughly five billion euros from self-employed professionals and entrepreneurs, and only 1.35 billion from personal farm income.