Tags: greece | eu | imf | taxes

IMF, EU: Greece Should Write Off Billions of Overdue Taxes

Monday, 24 Dec 2012 08:40 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Greece should write off part of the 53 billion euros ($70 billion) of outstanding taxes owed to it as it will only be able to collect up to 20 percent of that amount, a report by the European Union and International Monetary Fund showed.

More focus is needed on collection from the 1,500 biggest debtors, which make up two-thirds of the total amount owed to the state, according to an e-mailed copy of the November report from the Athens-based finance ministry today. More staff should be allocated to auditing those cases and specific targets for 2013 should be set, it said.

Greece hasn’t met five of 10 six-month targets set as part of its tax system overhaul and stronger enforcement of value added tax collection as well as speeding up VAT returns should be a priority, according to the report.

The report is based on a visit to Athens by a technical EU and IMF team between Oct. 16 and Oct. 22.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved