Greek legislators have passed a tax bill seeking to raise state revenue by €2.3 billion (Dh11.27bn), part of commitments demanded by international creditors in order to continue to receive further bailout funds.
"The tax bill is a fiscal necessity, a prerequisite in order for us to get the next loan tranche," the finance minister Yannis Stournaras said before the vote in comments broadcast live on Vouli TV.
Euro-zone finance ministers approved €49.1bn of rescue payments to Greece on December 13 to keep the recession-wracked country solvent, with €34.3bn paid immediately. Greece must meet certain conditions to get further payments early this year, Jean-Claude Juncker, the head of the group of 17 euro-zone finance chiefs, said at the time.
With the tax changes "we're significantly broadening the tax base via the compulsory declaration of all income from all citizens and through the full inclusion in the tax system of those who up until now have been taxed less," said Mr Stournaras.
He said earlier this month that the tax bill was the most decisive prior action required for further bailout funds to be disbursed. The bill comprises 24 changes, including reducing the number of tax brackets to three from eight with a new top rate of 42 per cent for individuals who earn €42,000 or more a year.
Other changes include cutting the corporate tax rate to 32.8 per cent from 40 per cent and imposing a 20 per cent capital gains tax on Greek stocks from July 1. The changes place more of the payment obligation on businesses, especially the self-employed, reducing the burden on employees and pensioners by €100 million compared with last year, Mr Stournaras told parliament.
The bill had to be voted on before a meeting later this month of euro-zone finance ministers who will determine whether to release Greece's next tranche of funds, Mr Stournaras said on January 4.
Another tax bill that will include measures to tackle tax evasion will be submitted to parliament for approval by May.
* Bloomberg News
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if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
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Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
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