Greece to Request Approval for Corporate Tax Cuts

Finance | April 23, 2014, Wednesday // 14:21|  views

Greek Prime Minister Andonis Samaras. Photo by EPA/BGNES

The Greek government is to ask the Eurozone whether it could introduce a gradual decrease of corporate taxes, with the request due to be made on next euro area meeting on May 5.

Greece's forthcoming taxation proposal was among measures envisaged in a deal between the ruling center-left PASOK and center-right New Democracy that outlines measures to promote economic growth, Kathimerini has revealed.

Samaras, a conservative, has spoken in favour of corporate tax cuts even before becoming Prime Minister. The measures he agreed on with the socialist partners include steps aimed to enhance performance in tourism, renewable energy, agriculture, fish farms, and waste management.

More EU funding is to be demanded to promote growth, after the country has lost a quarter of its GDP since 2008.

On Tuesday he said for Bloomberg that "It's crazy when you have companies that can really succeed, but lack access to finance". Citing examples of progress and fresh investments by hich-tech giants, Samaras however expressed optimism that after reaching "rock bottom" Greece "can only go up".

The Prime Minister has expressed hopes that the fiscal program of the country will lead it to being able to paying its own debt without borrowing at all within just a year. His statement comes months after it was revealed that in 2013 Greece had registered a primary budget surplus for the first time in 66 years.

Recession in the country was a result of austerity measures which were agreed with the EU and the International Monetary Fund in exchange of EUR 240 B which Greece needed to pay its debt.

Tags: Samaras, greece, Eurozone, IMF, EU, growth, recession, GDP, tax, New Democracy, PASOK, Eurozone


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