Incomes fall, taxes grow

Taxpayers’ declared incomes appear to have shrunk by 10 percent in 2011 compared with 2010, according to the processed income tax statements. The average annual income per statement came to 16,668 euros, while the average amount of income tax Greeks will have to pay this year amounts to a staggering 1,500 euros. Given the further decline in incomes this year, it is likely that many taxpayers will be unable to pay their dues, resulting in a new generation of debtors. For this reason, the Finance Ministry is contemplating the payment of taxes in up to 12 installments for those with low incomes or without work and up to six installments for the rest. A greater discount than is currently the case may be given to those who pay their full tax bill in one go.

Ekathimerini.com