A new tax code envisaging stricter sanctions against tax evasion, a lower corporate earnings tax and facilities for VAT payments will be unveiled by the government on Tuesday.
The new draft law will be presented by Finance Minister Yiorgos Papakonstantinou at a Cabinet meeting on Tuesday chaired by prime minister George Papandreou.
The new bill foresees immediate legal procedures for non-payment of VAT, establishment of a tax arbitration body aimed to offer rapid resolutions in tax cases, establishment of a financial crimes prosecutor at the finance ministry to deal with serious financial crimes, stricter penalties for tax inspectors, reduction of the tax rate on undistributed earnings from 24 percent to 20 percent, and payment plans for VAT remittances.
The ministry also plans to introduce a tax-card as a part of a plan to boost transparency in all transactions made between consumers and enterprises.
The Cabinet will also discuss two more bills by the finance ministry on regulating the gaming market and on deregulating the so-called closed professions.
source: ANA
