Greek FinMin to 'N': 2021 budget will include further tax, social security contribution cuts for businesses

Monday, 13 January 2020 21:05
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By T. Tsiros and G. Kouros

Citizens that cannot meet tax obligations to the state or loan payments to banks will be given a "second change" with a new, unified arrears settlement platform that will be activated in May, Finance Minister Christos Staikouras told "N" this week, in an interview.

The May 2020 day after a deadline expires for eligible homeowners to seek protection from mortgage-holding banks.

Staikouras referred to a "safety net" for at-risk households in Greece, while adding that the Mitsotakis government has already submitted a request to the country's institutional creditors to allow it to "bump" excess budget surpluses to the next fiscal year. The purpose of the latter is to avoid exhausting excess "fiscal space" at the end of the year.

Additionally, Staikouras said a med-term program fiscal strategy will foresee higher growth rates for the next four years, compared with initial estimates. He also cited the possibility of requesting another early repayment of a portion of IMF borrowing, but "under specific conditions".

The Greek FinMin also declined to state where an excess "fiscal space" would be allocated if case the Greek request for lower primary budget surpluses was approved for 2021.

Turning to another timely issue, Staikouras said the 2021 budget will "include a further reduction in tax and social security contributions burdens" for all types and sizes of businesses, with the aim being to attract investments and create new jobs.

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