Greece

With a steady increase of taxes on cigarettes, the state has fallen short of cashing in as the market share of illegal tobacco products has doubled over the past six years going from 10.1 percent in 2011 to 20...

According to sources, the Greek state has missed out on an opportunity to reap around 800 million euros in tax revenues due to tax hikes on cigarettes in 2016, as consumers turn to illegal tobacco markets. The data shows that...

The Foundation for Economic and Industrial Research (IOBE) noted on Thursday that any efforts to raise taxes on tobacco products in Greece will only lead to further losses in public revenue as the illegal tobacco trade will extend. According to data presented...

Greek State Minister Panagiotis Nikoloudis presented on Thursday the government’s draft legislation to suppress the cigarette and tobacco "black market." The law introduces production line inspection, as well as packaging, trade, distribution and retail sales, with the proposition to prevent illegal trade and...

Greek police seized 70 tonnes of smuggled tobacco and 8.8 million cigarette packets at two illegal tobacco manufacturing facilities in Aspropyrgos, west of Athens. A total of 40 people are thought to be involved in the racket. Police believe that they...

On Monday a new report by the Foundation for Economic and Industrial Research (IOBE) warned that the new tax hike to be placed on tobacco products starting January 1, 2017 will actually cause a 100 million euro annual loss in...

Higher excise taxes on alcohol and tobacco are forcing consumers to turn to contraband products and subsequently lead to reduced state revenues, industry experts say. The imposition of the special consumption tax on alcohol products (EFKOP) has prompted many Greeks...

More than 33 million packs of illicit cigarettes have been confiscated in the Greek and Cypriot customs at the end of January by the European Anti-Fraud Office (OLAF) and the General Secretariat against corruption (AFCOS Greece). The two organizations...

The Greek government is losing up to 1 billion euros every year from the sale of contraband cigarettes and tobacco. Last year, Greece lost an estimated 740 million euros in revenue, up from 565 million euros in 2013. The figures...

The bulk tobacco ban of 2013, reminds of the ban imposed in Greece 130 years ago as the country's financial crimes squad SDOE is again trying to crack down on the elusive crime of tobacco smuggling, which has a...

Former Greek minister Yiannis Anthopoulos and three other defendants were sentenced to 15-year suspended jail sentences on Wednesday for the crime of loan-sharking. The crime took place in the northeastern Greek city of Kavala. Anthopoulos was a member of the...

When it comes to how Greece has stayed afloat throughout the financial crisis that has gripped the nation since 2010, it is no surprise that products that contributed to the country's economy are certain dynamic exports that are exclusive...

  Greece has vowed to keep its primary budget surplus -- the balance before debt servicing -- at 3.5 percent of GDP until 2022 according to a document released describing the country's post-bailout strategy. The 106-page document, which was presented at...

Child labor in Greece is decreasing, despite the economic crisis, according to the latest UNICEF figures from 2014. As presented in the UNICEF report entitled "The situation of children in Greece 2014 -- The impact of the economic crisis on...

As no Greek government has managed so far to banish smoking in public places, the State is losing close to 1 billion euros every year from the sale of contraband tobacco and cigarettes. Tax raises and special levies on cigarettes...