Reality has been proved worse than any previous scenario on tax-free threshold and employees and pensioners will be called once more to pay the price.

A month ago Finance Minister Euclid Tsakalotos had stated that he will not submit any bill which would provide tax-free threshold below 9,100 euros, but on Friday night he proposed an amendment lowering the tax-free threshold to 8,636, whereas current threshold is 9,545. That means that an employee with 616,00 euros salary will be called now to pay taxes retroactively from January 1 2016.

Moreover, another amendment also tabled in the Parliament increases the tax for business profits up to 50,000 euros from 26% to 29%. The new proposed amendments, that include new tax measures, are expected to raise the state revenue by 200 million euros.