Finance Minister Gikas Hardouvelis reached an agreement with the troika of Greece’s international creditors from the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) that foresees an extension to the emergency levy and a 30% reduction for another year. The settlement covers arrears that have matured by September 2014 and will remain open until March 2015. The new measures will be imposed from December or late November at the earliest as soon as Taxisnet’s digital applications are ready. One million unemployed or vulnerable groups are left out in the cold as the main term for the use of the new favorable regulations is to not owe any taxes until the date of the submission.

Some of the conditions for the use of the new regulation are:

1. The 100 installments will apply to those who have overdue debts of up to 15,000 euros whereas 72 installments apply for the rest.

2. Reductions will apply for early payments:
100% for full payment
90% for payment in 12 installments
80% for payment in 24 installments
70% for payment in 36 installments
60% for payment in 48 installments
50% for payment in 60 installments
30% for payment in 72 installments
20% for payment in 100 installments

3. Those who prefer the old regulations will be provided with a new statement and their original debt will be recalculated with new lower premiums and an additional bonus of -20%.

4. The annual interest rate is fixed at 4.56% and the lower installment amount is set at 50 euros per month.

5. The new regulations automatically exclude those with debts of over 1 million euros without counting increments and interest rates but only the original amount of debt.