Only one in 17 firms vi­o­lated tax laws

Kathimerini English - - Front Page -

Tax eva­sion among Greek com­pa­nies has dropped to a re­mark­ably low 5.8 per­cent ac­cord­ing to 4,124 ran­dom checks per­formed by au­thor­i­ties in the pe­riod from Jan­uary 6 to 19, with 1,845 in the do­mains of cater­ing and en­ter­tain­ment, ac­cord­ing to Fi­nance Min­istry data. The 239 com­pa­nies to have breached tax leg­is­la­tion were found to have com­mit­ted a to­tal of 2,170 vi­o­la­tions.

Balkan graft.

Bul­garia and Ro­ma­nia need to do more to strengthen their le­gal sys­tems and fight high-level cor­rup­tion and or­ga­nized crime, the Euro­pean Union said in a re­port on the Euro­pean Union’s poor­est states. Ro­ma­nia “has made progress in

The lack of clar­ity in the way the cap­i­tal gains tax on prop­erty trans­ac­tions will be cal­cu­lated has forced the de­lay of hun­dreds of sales as no­taries are un­able to com­plete the process. Fi­nance Min­istry of­fi­cials have been meet­ing in re­cent days in a bid to solve the var­i­ous prob­lems and pos­si­bly to amend the tax rates. many ar­eas” and “long-awaited” leg­isla­tive changes have re­mained on track, though “con­cerns about ju­di­cial in­de­pen­dence re­main,” Euro­pean Com­mis­sion spokesman Mark Gray told re­porters in Brus­sels yes­ter­day. Bul­garia’s ju­di­cial re­form progress has not “been suf­fi­cient and re­mains frag­ile,” he said. The two coun­tries that joined the 28na­tion bloc in 2007 are judged to be among the EU’s most cor­rupt along with Greece and Italy, ac­cord­ing to Ber­lin-based re­search or­ga­ni­za­tion Trans­parency In­ter­na­tional. The Black Sea na­tions have re­ceived re­peated warn­ings to fight cor­rup­tion and to en­sure a fair dis­tri­bu­tion of EU aid. Ro­ma­nia, the big­ger of the two, stood to re­ceive 32 bil­lion eu­ros in EU aid through 2013. Bul­garia got less than 11 bil­lion eu­ros.

Tur­key bonds.

Tur­key hired banks for its first dol­lar bond sale since Oc­to­ber as it faces higher fund­ing costs amid a clash be­tween the gov­ern­ment and the ju­dici- ary. The ini­tial price guid­ance for the 10year bond is about 6 per­cent, said a per­son fa­mil­iar with the plans, who asked not to be iden­ti­fied be­cause the de­tails are pri­vate. That com­pares with the 3.47 per­cent at which it sold sim­i­lar-ma­tu­rity se­cu­ri­ties on Jan­uary 8 last year, and the cur­rent 5.39 per­cent yield on those bonds. Tur­key’s 10-year lira debt yields 10.1 per­cent. Tur­key’s trea­sury risks pay­ing more to bor­row than im­plied by the yields on its in­ter­na­tional bor­row­ings should the lira ex­tend its 10 per­cent de­cline since De­cem­ber 16, a day be­fore an in­ves­ti­ga­tion into al­leged gov­ern­ment cor­rup­tion be­came pub­lic. “We pre­dict the bond sale size to be around $1 bil­lion con­sid­er­ing the debt re­quire­ments for 2014,” Aras Gu­venc, an as­so­ci­ate at Maxis In­vest­ments Ltd in Lon­don, said by e-mail yes­ter­day. “We think the tim­ing for the bond sale is good, given the low level of yields glob­ally.”

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.