Wow! Govt ‘tax raid’ eyes extra 8 bln euros over 2015-2016!

Higher taxes and pension reform the main highlights in proposal tabled by radical leftist government

A ‘tax raid’ worth eight billion euros over the next 18 months is reportedly the crux of the SYRIZA government’s package of proposals to institutional creditors to seal a cash-for-reforms deal.

Specifically, 680 million euros in extra VAT remittances until the end of the year and another 665 million euros in extra savings from curbing early retirements in tandem with hikes in taxes on pensions is envisioned.

Extra cash from increased VAT rates is projected to raise 1.36 billion euros in 2016.

Curbing early retirement is projected to save 60 million, while a hike in a tax on pensions is calculated to reach 665 million euros.

The extra taxes and holdings are worth 2.692 bln euros for 2015 and 5.207 bln euros until the end of 2016.

An increased corporate tax (from 26 to 29 percent) is figured to bring in another 1.165 bln, while an “extraordinary” tax on business posting more than 500K in annual profits will be set at 12 percent!