Public economics

The budget committee in Parliament approved the emission of a new state debt of Bulgaria, reports BNT. 

The loan of around BGN 3 B, according to Finance Minister Petar Chobanov, will be used for paying off old debts and covering the budget deficit. He said that no matter when the early elections will be held, the country will remain in a stable financial position. 

In order to maintain sustainable growth, Turkey needs to introduce necessary reforms to increase national savings and reduce its dependency on consumption-based revenues and short-term capital flows, the World Bank has said in a new report.

The report entitled "Albania’s Public Finance Review," underlines that Tirana’s fiscal deficit is largely structurally driven, and says reforms in tax, administration, pensions and energy could significantly enhance its fiscal sustainability.

By Alexis Papachelas

Today I will concede part of this column to a friend who has been severely hit by the economic crisis, without however giving in to the temptation of portraying himself as an indignant victim. This person has always believed in the need for far-reaching reforms and is deeply frustrated by the lack of progress. He recently sent me the following e-mail:

 Creditors to oppose any relaxation of austerity policy even if it comes with offsetting measures

By Prokopis Hatzinikolaou

The Finance Ministry is drawing up a set of measures aimed at lightening tax debts and bringing an end to distortions in tax legislation, to be submitted for discussion with the country’s creditors in mid-July.

The latest Finance Ministry report reveals that in the first four months of 2014, the government spent almost €200 million more than it managed to gather from taxes.

This sum amounts to two-thirds of the planned €300 million budget deficit for the whole year, which is set at 3.5 per cent of GDP.

BELGRADE - The proposed changes stipulating that employers will be temporarily exempt from paying a part of the income tax and contributions for newly hired people will not help resolve the issue of unemployment or deliver a major blow to the grey economy.

By Nikos Roussanoglou

Following the reduction in the transfer tax to 3 percent since the start of the year, Greece has shown a considerable improvement in the European chart of countries based on total property transaction charges.

By Prokopis Htazinikolaou

Just 12.5 percent of taxpayers have submitted their income tax declarations to date, with just 40 days remaining to the deadline for the filing of the electronic forms. It appears that most taxpayers have chosen to wait until the final hour on June 30 or may be hoping for an extension.

By Evgenia Tzortzi

The new regional authorities to emerge from yesterday’s and next Sunday’s polls will have the power to administrate funds amounting to 7 billion euros from the new funding period of the European Commission-supported subsidy program.