The Greek government’s economic team presented proposals for tax law reforms to representatives of Greece’s four creditors (EC, ECB, ESM, IMF) in Athens on Tuesday. The proposal presented included suggested tax brackets and tax rates with the highest rate at 50% and recommendations for an even higher rate.

The proposal does not suggest any changes to the emergency levy, while the sum total of the measures targets an additional 300 million euros in revenues on an annual basis. The changes to the taxation of farmers are not included in the proposal.

The government’s proposal aims to redistribute the tax burden in favor of lower incomes and transfer the burden of payments to higher income brackets, said a source. Further discussion on the government’s proposal is expected to take place at a meeting with the mission heads on Wednesday. Once an agreement is reached, a draft tax bill will be tabled in Parliament.

Another government source said that Economy, Development and Tourism Minister George Stathakis was discussing the extension of protection for non-performing business loans until March 15 during talks with the institutions. It was decided that there would not be action on NPLs until an agreement is reached.

These will be protected until March 15.