The Ministry of Finance presents the main axes of economic policy, as well as the tax reforms for the next two years, while taking stock of its work for the period 1999-2021.
According to the ministry, the main axes of economic policy will be the following:
- Targeted support for households and businesses, with a gradual transition to measures to restart the economy in the coming period.
- The implementation of prudent fiscal policy, towards further reductions in taxes and social security contributions.
- Maintaining strong cash reserves through the implementation of a consistent, smart and farsighted publishing strategy.
- Achieving sustainable credit expansion through further strengthening of the banking system.
- The implementation of structural changes and privatisations.
- The rational use of available European funds.
- Shaping a more flexible European financial framework.
The following are among the tax policy reform actions for the next two years:
- Further broadening the tax base, by strengthening electronic transactions, through the provision of incentives for specific tax years (2021 to 2025), such as the deduction from the taxable income of individuals of 30% of the cost of acquiring goods and services by electronic means of payment in certain sectors of the economy where there is high tax evasion.
- Strengthening the green economy and digitalisation, through the provision of incentives for increased deductions for expenditure related to these sectors of the economy.
- Simplification of the tax system, such as codification of tax legislation, aimed at enhancing transparency and legal certainty by strengthening tax compliance by tackling multiple taxation.
- Digitisation of tax controls and interconnection of cash registers with the tax authority and POS systems, with the aim of reducing tax evasion and creating fiscal space.
