A multi-bill aimed at coming closer to an agreement with international creditors is being created  on Wednesday in Brussels by the Greek government’s economic representative George Chouliarakis. The bill aims to unlock part of the 7.2-bln euro tranche benchmarked for Greece.

It is believed that there will be a plethora of additions even if the bill is accepted due to the fact that:

– settings are absent for the protection of households from auctions and there are no provisions for red loans;

– regulations for social security and labor need to be added at the second stage, before June.

The reforms being presented, despite speculation to the contrary, appear to be the same ones included on the Varoufakis list presented on April 1, however the single property tax ENFIA that the Radical Left Coalition (SYRIZA) government had pledged to abolish is still being maintained as a “wildcard” for the time being.

Tuesday’s meeting of the Greek economic team had Finance Minister Yanis Varoufakis at the helm putting on the final touches.

The multi-bill will be discussed on Thursday afternoon by the ministerial council and includes measures such as:

– improvements to VAT with the compulsory use of credit/debit cards instead of cash on touristy islands for transactions that are even as low as 50-70 euros.

– an increase to luxury taxes for cars, pools, yachts etc.

– a levy for TV ads and the expansion of this to digital media.

– auctioning television frequencies.

– the further independence of the General Secretariat of Public Revenue.

– changes to the penal tax code so that failure to disclose or pay tax directly leads to legal sanctions rather than just fines.

– mandatory payment of Utility bills, taxes, fines, etc. through bank accounts or with credit cards rather than cash.

– the creation of a lottery system for receipt collection.

– clamping down on the smuggling of fuel, drinks and tobacco.

– online access to deposits and loans through the operation of an assets list.

– electronic separation of VAT payments.

– reforms to the Code of Civil Protection.