Three-Party Coalition Greek Parliament Passes Law to Boost Tax Revenues by $3 Billion Annually

The move comes from the coalition government in Greece’s parliament in order to appease creditors to the debt-ridden state as part of its bailout agreements.

The law raises taxes on top earners, simplifies tax brackets, and extends income taxes to farmers.

As part of its $45.5 billion bailout, Greece has to pass such laws even in the face of criticisms of austerity during economically tough times, according to Finance Minister Yannis Stournaras. Because of its austerity measures, the Greek government plans to shed $12 billion in expenses this year alone. This trend is expected to continue into the foreseeable future.


[Al Jazeera]