Log in
A+ A A-

German giant fined for tax didging

A court decision is forcing multinational firm Hochtief, which managed Athens International Airport for two decades to pay 600 million euros in VAT that was withheld from the Greek state.

The decision of the Athens appellate court justifies the multi-year lawsuit pursued by the Greek state has given the green light for the Greek state to claim, immediately, 600 million euros in VAT owed, by the company that built and operated the airport for more than twenty years.

The decision, basically, names the German colossus as the biggest tax dodger in Greece. Hochtief 's debts towards the state also include social security dues in arrears, and could top, in total, one billion euros.

The German firm had refused to pay the taxes and instead preferred to accrue fines, believing that in the end it could shirk off payment altogether, going as far as fleeing the country by selling their stake ion the airport to a Canadian fund.

The exact amount has yet to be accurately determined as the tax bureau has not assessed proceeds and revenue from 2013.