Galery

1

In addition, a regulation will introduce the procedures for the imposition of sanctions on entities which have not submitted timely reports on their financial results to the Chief Accounting Department.

The Public Power Corporation will be required to pay 200 million euro

With the obvious purpose of increasing the budget revenues which are lagging behind by 730 million euro, the Ministry of Finance will require the Public Power Corporation to pay the amount of 200 million euro in the form of an advance payment of the extra property tax for the period October 2013 - March 2014.

According to the request, the amount should be paid next month which, in turn, will immediately increase the company’s deficit. Let us recall that the overdue payments to the Public Power Corporation amounted to 1.2 billion euro after the introduction of the extra tax for 2013.

It is estimated that, over the next 6 months, the revenue from the tax which is collected through the electricity bills will be around 400-430 million euro.

The state wants to receive half of this amount in advance. The extra property tax for 2013 is paid in five equal instalments along with the electricity bills issued from last June to February 2014.

The total proceeds of the extra tax for 2013 will amount to 1.1 billion euro. As for the overdue payments to the Public Power Corporation, probably it will be able to collect 830 million euro (from households and small enterprises) but it will be unable to collect the remaining 300 million euro as, actually, this is constituted by the debts of failed companies.