Samaras heralds VAΤ offset

Mr Samaras said that in a first phase this will concern businesses and self employed professionals with a turnover of up to 500,000 euros per annum, while in a second step it will include those with up to 2 million euro per annum, covering over 85% of transactions.

As the premier said, the announced reform will soon become law, and will come into effect by the fall, being finalized by year's end.

It was also made known that all fines imposed on companies because of not handing over VAT, owed them by the state, will be rescinded.

Through the new system, according to Mr Samaras, “conscientious businessmen will not get in trouble, from the delinquency of the state, or other businessmen. VAT returns will not be lost, or become overdue, instead they will be tracked from beginning of the real source of VAT due.”