Greek parliament approves 42% tax hike to boost revenuesJanuary 12, 2013 - 12:42 AMT PanARMENIAN.Net - The Greek parliament has approved a series of unpopular tax rises aimed at boosting revenue in line with Athens' commitments to international creditors, BBC News reported. The measures, approved overnight, introduce a new top tax rate of 42% for Greeks earning more than 42,000 euros ($56,000) a year. Corporate rates also go up and the tax base now includes low-earning farmers. Greece has been kept solvent by huge rescue loans from its EU partners and the IMF since May 2010. The Conservative-led government insists the new measures, designed to raise up to 2.3bn euros this year, are fair. "We are not in favour of taxes," Deputy Finance Minister Giorgos Mavraganis said. "But in the current situation we must lead the country out of its impasse." The changes are part of an overall package approved in November to allow Greece to qualify for further bailout funds. But the opposition say the tax rises will increase hardship for ordinary Greeks. The main opposition Radical Left Coalition says austerity has "demolished the country's middle classes". Deep spending cuts and job losses have triggered street unrest across Greece in recent years. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. IDBank, Dalma team up for Caucasian Deer Reintroduction Program IDBank has joined Dalma Garden Mall’s Green Challenge to support the Caucasian red deer reintroduction project. Through Ucom’s support the 12th Sunchild Festival concludes On May 24-28, with the support of Ucom, the 12th international environmental festival Sunchild took place in Yerevan. U.S., Turkey emphasize importance of Armenia-Azerbaijan peace deal Jake Sullivan and Akif Cagatay Kilic have discussed the normalization process between Armenia and Azerbaijan. |