Greece

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...

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...

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...

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...

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...

  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...

Greek Deputy Finance Minister Tryfon Alexiadis announced on Monday the 10 steps that the Greek government will take in hopes of increasing revenue streams from taxation and combating tax evasion. Alexiadis announced the following measures as reported by various Greek media outlets: A new...

Successive changes in tax laws for tobacco products have changed the Special Consumption Tax (SCT) from a mainly proportional to a primarily flat tax, reducing the price differential between cheaper and more expensive tobacco products, based on a study...

The Greek government continues to tax tobacco products as part of the austerity measures demanded by international lenders while simultaneously trying to stop the growing trade in illegal cigarettes that threatens revenues. Cigarettes are a prized commodity in Greece. Forty...