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> Economy

Sweeping tax hikes on all products

Everything is rising....

Newsroom May 16 05:08

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The new draft bill to be introduced for discussion in the Greek parliament either Tuesday night or Wednesday, will see a 10 to 20% rise in costs associated with transport, telecommunications, coffee and electronic cigarettes, besides the increase in expenses expected to occur due to a 24% hike in VAT. Vehicle registration fees will be linked to pollutant retail prices before tax with the imposition of 4% on vehicle market value, if the cost is below 14,000 Euros; 8%, from 14,001 to 17,000 Euros; 16% between 17,001 and 20,000 Euros; 24% from 20,001 to 25,000 Euros; and 32% from over 25,000 Euros. from June 1, fuel prices will go up by 5 Euro cents per liter and diesel costs will rise up to 10 cents, while gas will go up by 25 cents. A pack of cigarettes will go up by half a Euro, if the ad valorem duty rises to 26% of the retail cost, while a special levy of 10 Euro cents per 1 ml will be implemented on electronic cigarettes. Beers will see the special tax double, while coffee will go up by 20% from January 1 2017, and a 2-4 Euro import levy will be slapped in the product. Fixed telephony charges will rise through the imposition of a 5% levy, while Cable TV users will pay 10% more on their bills from January 1 2017. Hotel owners will see a 2 Euro tax per room per stay slapped on 3 and 4-star hotels.

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