Financial News: FinMin announces changes in tax legislation

Greek Finance Minister Evangelos Venizelos on Wednesday announced a series of improvements in a draft legislation which will implement a Mid-term Fiscal Strategy Program for the period 2012-2015.
The changes, which the Greek FinMin characterized as “generous measures of social sensitivity”, envisage raising a tax-exempt income ceiling for families with more than one child. Under the changes, the tax-exempt income ceiling for families with one child will be raised by 2,000, with two children by 4,000, for three children by 12,500 euros and by 2,500 euros for each child more than three. “The result is a very significant tax relief for families with several children,” Venizelos said.
Another change envisages that handicapped people would be burdened with an extra tax charge, while a 5.0 pct windfall tax on the incomes of deputies and elected municipal authorities would be expanded to include ministry high-ranking officials and the heads of all organizations and enterprises appointed directly, or indirectly, by the state.

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