×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: greece | eu | imf | taxes

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

Monday, 24 December 2012 08:40 AM

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 2022 Bloomberg News. All rights reserved.


FinanceNews
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.
greece,eu,imf,taxes
162
2012-40-24
Monday, 24 December 2012 08:40 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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