Greek Taxpayers Fail to Pay €2 Bln Due in July

Greek taxpayers failed to pay 2 billion euros in income tax that was due in July alone, according to the Independent Authority for Public Revenue (AADE).

July was the month when the first installment of income tax was due. The amount of outstanding taxes for the first half of 2017, was 5.475 billion euros. At the end of July it had reached 7.483 bullion euros.

According to AADE officials, outstanding taxes skyrocketed in July because three big companies went bankrupt, adding 700 million euros to the total debt. The remaining 1.3 billion euros are unpaid taxes of individuals and active businesses.

Unpaid taxes through July have already generated a hole of 700 million euros in the expected 2017 revenues.

It is uncertain whether the taxpayers who failed to pay the July installment will go to the Finance Ministry’s 12-installment payment plan, analysts say. Otherwise; if they refrain from paying their taxes altogether, state coffers will be in serious trouble after the addition of 172,704 taxpayers, whose names had been added to those who defaulted on their obligations in July.