Cost of living in Greece

[Maik]

Greeks brace for price increases

Life will get even more expensive for Greeks as of next month following the government’s decision to raise a number of taxes, such as the value-added tax on most commodities and the special consumption tax on fuel, tobacco and coffee, as well as hikes on landlines, Internet and pay-TV.

http://www.ekathimerini.com/208825/article/ekathimerini/business/greeks-brace-for-price-increases

[Maik]

VAT tax hike is counterproductive, says trade association

Increasing value-added tax will reduce state revenues rather than generate the extra income Greece is seeking as it tries to meet fiscal targets agreed with its lenders, a body representing small and medium sized businesses said on Tuesday.

...the Confederation of Commerce (ESEE) said the sixth VAT hike in as many years would depress sales by 3 percent, increase tax evasion and reduce the state’s take, as it says happened after the previous VAT raises.

The tax hike will affect supermarkets, fuel, apparel, transportation, tourism and restaurants and the ESEE estimates VAT revenues from wholesale, retail and car sales.

http://www.ekathimerini.com/208946/article/ekathimerini/business/vat-tax-hike-is-counterproductive-says-trade-association