Greece Should Write Off Billions of Overdue Taxes, Report Says
Greece should write off part of the 53 billion euros ($70 billion) of outstanding taxes owed to it as it will only be able to collect up to 20 percent of that amount, a report by the European Union and International Monetary Fund showed.
More focus is needed on collection from the 1,500 biggest debtors, which make up two-thirds of the total amount owed to the state, according to an e-mailed copy of the November report from the Athens-based finance ministry today. More staff should be allocated to auditing those cases and specific targets for 2013 should be set, it said.
Greece hasn’t met five of 10 six-month targets set as part of its tax system overhaul and stronger enforcement of value added tax collection as well as speeding up VAT returns should be a priority, according to the report.
The report is based on a visit to Athens by a technical EU and IMF team between Oct. 16 and Oct. 22.
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