Window of optimism of YPOIK from the summer revenues

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By Tasos Dasopoulos

Based on the complete recovery of tourism and the reasonable expectation that tax revenues will not have serious losses in the coming months, the Ministry of Finance includes in its plans, in order to create a new support package, along with the major intervention in electricity.

The expectations for stable, if not increased revenues from direct taxes, are based on the reliefs and facilities that apply for this year. Income tax will be reduced this year as well, after the suspension of the special solidarity contribution for the private sector is repeated, while it will be paid this year, in 8 installments. As far as ENFIA is concerned, this year it is reduced from 15% to 40% for the 8 out of 10 liquidations and it will be repaid for the first time by its application in 10 monthly installments. The fact that Greek households last March, in the midst of high precision, increased their deposits by about 200 million euros, also strengthens the direction of the stability of tax revenues.

A second source of optimism is tourism. Despite the conservative forecast that the Ministry of Finance has officially acknowledged in the Stability and Growth Program to recover 80% -85% of the record turnover of 18.5 billion in 2019 (approximately 15 billion euros), the market indications are much better. The most conservative want a full recovery of tourism and the most optimistic estimate that the turnover of 18.5 billion euros can be exceeded as it seems in the first phase, as we have more arrivals from markets that had less tourist traffic in previous years. They also believe that this year it is possible to have an extension of the tourist season until October and even without the restrictions imposed by the coronavirus that were in force last year. The latter also applies to a number of their satellite tourism sectors such as transport, catering, entertainment and culture, which have been overwhelmed by the pandemic.

The planning

If all goes well, in the field of revenue it is possible to see a new package of support unfolding, from July. Competent sources of YPOIK, stressed that the horizontal intervention of 3.2 billion euros for electricity bills, will provide a solution to a major problem that is burning today, businesses and households. They admit, however, that the constant rise in prices for food and liquid fuels continues to suffocate family budgets. Especially for households, which spent the month without being able to save today, due to high increases, may have a monthly deficit, which can create a new “avalanche” of private debt, through utility bills and liabilities in banks and public.

In this regard, it is considered to continue – even in a more targeted form – the subsidy for liquid fuels and the special subsidy for the oil pump, even if it is criticized for its efficiency. There is also a second aid in the plans for very low-income households, which are now being pressured by rising food prices.

However, the idea of ​​reducing VAT on certain basic foods continues to be rejected, as it is considered to be ineffective but also the reduction of VAT on fuel, as due to the reduction of consumption revenues have decreased significantly.

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Source: Capital

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