Refineries to pay for retirees

The high retail prices and the increased international coffee rates have forced the government not only to extend the value-added tax rate reduction to 13% but to make it permanent. At the same time, aiming to support vulnerable households, the government decided to impose a temporary solidarity contribution of 33% on refining companies based on the surplus profits of the previous tax year, from which it hopes to collect around 300 million euros.

Last year the excess profits of refineries were also taxed, with state coffers adding around 340 million euros to their takings.

According to plans, the levy will be calculated based on the excess profits of the tax year 2023, as defined by the regulation - i.e. 33% of the taxable profits of 2023, which exceed 20% of the average results of years 2018 to 2021. Prime Minister Kyriakos Mitsotakis told Real FM: "I think it is a...