Greece PM Says Workers, Companies Evade Taxes to Tune of 31 Billion Euro
February 16, 2010 /EIN PRESSWIRE/ As the stalemate over whether or not (or how) the EU will bail out Greece, Greek Prime Minister George Papandreou says that one of the country’s biggest problems is home grown: Too many people and companies evade taxes.
According to Bloomberg, Papandreou put the number of uncollected taxes at 31 billion euro, or 10% of Greece’s GDP. Not so coincidentally, Greece’s current deficit is 12.7% of GDP.
EU statistics show that Greece’s revenue from income tax is a paltry 4.7% of GDP, compared to an EU average of 8%. This isn’t a recent trend as tax revenue in Greece has been falling for years even as the country experienced economic growth.
Greece’s three-year deficit reduction plans call for 2.4 billion euro in additional revenue from squeezing tax evaders, which accounts for almost 25% of the entire deficit-reduction package.
Read more about Greece’s tax collection woes at Global Investing Today:
Latest Greece Investing news – http://investing.einnews.com/greece/
Located at http://investing.einnews.com, Global Investing Today is a service of EIN News, an industry leader in news monitoring for business professionals and analysts. Using a combination of proprietary search technology and human editing, EIN News delivers to its members the latest investing news from around the world, saving them valuable time they’d spend searching for information. New users to Global Investing Today can enjoy a no-obligation, one-week free trial.
About EIN Presswire
The EIN Presswire press release distribution service is a news-syndication solution that distributes news to more than 10 million visitors annually at EIN News and millions more through its press release distribution partners. A news source for leading journalists, decision-makers and industry professionals worldwide, EIN Presswire targets press releases to a wide array of worldwide business professionals in more than 80 different industries. EIN Presswire also offers affiliate network opportunities and news distribution to tens of thousands of news subscribers daily. Read the newest business news at http://www.einpresswire.com and the latest world news in more than 80 different industries at http://www.einnews.com.