OLP fac­ing prob­lems due to tax woes

Kathimerini English - - Front Page -

One of the coun­try’s largest public com­pa­nies is with­out its an­nual tax clear­ance cer­tifi­cate. The Pi­raeus Port Au­thor­ity (OLP) has been with­out a tax clear­ance cer­tifi­cate for around one year due to its debts to sev­eral mu­nic­i­pal­i­ties, in­clud­ing the Mu­nic­i­pal­ity of Pi­raeus. The con­firmed ar­rears amount to 140 mil­lion eu­ros, an enor­mous sum for a com­pany with an an­nual in­come of roughly 100 mil­lion eu­ros, of which 40 mil­lion comes in the form of pay­ments from Cosco, which op­er­ates the port’s ter­mi­nals I and II. The ab­sence of a tax clear­ance cer­tifi­cate, among other prob­lems, has stalled in­vest­ment in the port’s cruise har­bor. The 112mil­lion-euro pro­ject, 95 per­cent­funded by the Euro­pean Union, re­quires both in­sur­ance and tax clear­ance. The port’s new ad­min­is­tra­tion, ap­pointed this past June, has re­quested the in­ter­ven­tion of the coun­try’s fi­nance min­is­ter, Eu­clid Tsakalatos, to re­solve the is­sue. The min­is­ter has promised to look into the sit­u­a­tion since it threat­ens both fur­ther in­vest­ments and the pri­va­ti­za­tion of the port. OLP’s new ex­ec­u­tive board has con­vened five times in less than a month in a bid to re­solve the is­sue.

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