Greece, government plans tax cuts/ 1.5 billion euro package includes support for families and pensioners
The Greek government is preparing a 1.5 billion euro aid and support package, to be announced by Prime Minister Kyriakos Mitsotakis during the Thessaloniki International Fair, where the year's economic and social policies are traditionally announced.
The package includes tax cuts for the middle class, support for families with children, pensioners and uniformed workers, as well as measures to address the country's housing challenges. The government aims to use the additional revenues generated by economic growth and the fight against tax evasion to ease the burden on the most vulnerable.
According to the latest budget data, the economy is recording a strong performance, with a primary surplus of 7.9 billion euros in the first seven months of the year and tax revenues exceeding expectations by 2.1 billion euros.
The fiscal measures will focus on annual incomes between 20,000 and 40,000 euros, but citizens with lower incomes will also benefit. Families with children will have an increase in the income threshold exempt from taxes, depending on the number of children.
Also expected is a change in the way the self-employed are taxed and the removal of the "personal difference" for 600,000 pensioners who retired before 2016, enabling them to receive greater benefits.
Uniformed workers will benefit from a pay increase through direct financial support. Housing measures will include incentives for landlords to rent out more apartments, assistance for tenants and progress on the government's social housing program. In addition, the VAT suspension for new construction will be extended until the end of 2026.
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