Govt sources: Primary surplus target at 1.5% of GDP

Government sources have provided clarifications on Thursday with regard to the Finance Ministry's reform list which was leaked this morning, focusing mainly on the issue of the Primary Surplus target.

Refuting media reports that the document was leaked by the Greek side, the sources said that the selective reading of the list results in the misinterpretation of the government's fiscal targets and characterized the list a "working document" which is by no means a final agreement.

See below the clarifications provided by the Govt today with regard to the content of the list.

- The Finance ministry's growth forecasts stand at 1.4% of GDP for 2015 and 2.9% for 2016.

- Any measures that will be agreed will not be recessionary ones. Moreover, they will aim at expanding the tax base in order to lift the burden from the shoulders of the weaker social groups  and the middle class.

- The new measures - if successfully implemented - can result in a 4.7-6.1 billion euro fiscal benefit.

- The basic scenario is a primary surplus of 1.2-1.5% of GDP which will be allocated to social action if the measures are successful.

- The Uniform Real Estate Ownership Tax (ENFIA) will be abolished within 2015 and replaced by the Large Property Tax.

- A new tax law which will provide for a 12,000 tax-free threshold for 2015 income that will be declared in 2016, will be tabled in parliament in the second half of the year.