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Greek PM unveils plans for tax cuts after bailout exit

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Greek PM unveils plans for tax cuts after bailout exit

Greece's Prime Minister Alexis Tsipras plans to implement tax reductions and boost spending in order boost economic growth and fix issues from austerity measures, Reuters reported Sept. 8.

The news comes after the country exited its third bailout in August.

Tsipras, however, said in a keynote policy speech that the country would remain committed to the fiscal targets and reform agreements set with its creditors.

Greece seeks to maintain an annual primary budget surplus of 3.5% of GDP until 2022, without further pension cuts, and will present this proposal to the European Commission before creating the budget for 2019.

Reuters reported that Tsipras seeks to implement a phased lowering of the corporate tax to 25% from 29% and reduce the annual property tax on homeowners by an average of 30% starting next year. He also plans to reduce the main value-added tax rate to 22% from 2021.