The Greek government decided to apply the new tax hikes on many products and services much earlier than it was expected, such as the VAT hike from 23% to 24% which will take effect as of June 1 instead of July 1, 2016.

The government aims to collect 700 million euros more until 2017, while it also expects to add more money in the state budget from the hikes on cigarettes and alcohol. In total, state’s revenue coming from taxes should exceed 1.8 billion euros per year until 2018.

The bill submitted to the parliament provides additional taxes of 1.8 billion euros per year until 2018, including among others, ENFIA tax hike for 2016, increase in gambling tax, VAT hike from 23% to 24%, increase in beer excise tax, increase in fuel excise tax and cigarettes.