A new tax code that will envisage stricter sanctions against tax evasion, a lower corporate earnings tax and facilities for VAT payments will be presented by the government on Tuesday.
The new draft law, expected to be presented during Tuesday’s Cabinet meeting by Finance Minister Yiorgos Papakonstantinou, foresees:
- immediate legal procedures for non-payment of VAT,
- establishing a tax arbitration body aimed to offer rapid resolutions in tax cases,
- establishing a financial crimes prosecutor at the finance ministry to cover serious financial crimes,
- stricter penalties for tax inspectors,
- reducing the tax rate on undistributed earnings from 24% to 20%
- and offering 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.
source: ana-mpa
