Tax reform

A European Commission survey revealed that the tax burden of Greek citizens rose from 64 billion Euros in 2015 to 65.7 billion Euros in 2016.

Foods donated by retailers to non-profit organizations will not be levied with a value-added tax (VAT) if the products are thirty days or less out of their expiry date, Bulgarian lawmakers have decided.

The tax exemption will only be applied if the total value of donations does not exceed 0.5% of the respective businesses' annual turnover.

A considerable portion of the underground economy has been forced out into the open as a result of the capital controls and the increased use of plastic money, contributing significantly to an increase in tax revenues, which in the January-August period exceeded their target by 364 million euros.

Value-added tax takings from the Greek islands posted a significant rise in August, offering state revenues a big peak season boost, according to figures released by the General Secretariat for Public Revenue.

Two people were killed and three more were rushed to hospital Wednesday, after inhaling fumes and falling into an olive oil factory vat in the central Greek town of Almyro.

According to reports, the incident occurred when a 50-year-old Bulgarian worker fainted from inhaling oil reside fumes as he was cleaning the vat and fell in.

Bulgarian lawmakers have approved on a first reading legal changes that allow to boost donation of foods.

MPs have decided VAT will not be levied on food products donated 30 or less days before their expiry date.

The amendment, if approved further, will only be in force when the value of foods given out does not exceed 0.5% of the respective legal person's turnover.

Greece's annual value-added tax losses are roughly equal to the latest package of austerity measures (of 5.4 billion euros), according to European Commission data on the VAT deficit across the European Union, which adds up to 159 billion euros per year.

The tax system of Bulgaria is working well and need not be alterated throughout 2017, the head of Parliament's budget committee has said.

The government will not resort to any changes for now as the system currently in force has been generating GDP growth that is beyong the EU's average at the moment, Menda Stoyanova has told public broadcaster BNT in an interview.

From today many goods and services become more expensive as of June 1st the new VAT hike comes into effect with the rate growing from 23% to 24%, while the salaries continue shrinking.

Greek citizens will be called to pay more for their everyday needs, since the new VAT rate applies to everything, from food, clothing and fuel to telecommunications, tickets and restaurants.

Tax revenues missed their budget target for the first four months of the year by 207 million euros, Finance Ministry figures showed on Friday, but the major decrease in state expenditure, by almost 2.3 billion compared to the target, led to an excessive primary surplus in the year to end-April: Against a target for a primary surplus of 2.1 billion euros, it amounted to 2.7 billion.