Conservative PM Kyriakos Mitsotakis was elected two months ago, replacing his leftist predecessor Alexis Tsipras on pledges to revamp the country’s economy a year after the end of its third international bailout.Greece’s Prime Minister detailed tax cuts for austerity-hit Greeks and companies strained during a decade-long debt crisis, and promised reforms aimed at convincing lenders to ease the nation’s fiscal target from 2021.
“Greece is no longer Europe’s black sheep,” Mr. Mitsotakis said during a keynote policy speech at the annual trade fair in the city of Thessaloniki on Saturday. “It’s a country with self-confidence.Corporate tax will be cut to 24 per cent in 2020 from 28 per cent currently and taxation on dividends will be halved to 5 per cent, the Prime Minister said.
As part of incentives to boost the real estate sector, which is vital for Greece’s economy, he promised to scrap value-added tax on new construction for three years and capital gains tax on property sales.Securing leeway from creditors on the primary budget surplus target would give Mitsotakis’s administration scope to implement the tax cuts and boost public spending to spur growth in an economy that shrank by a quarter during a long debt crisis.
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