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New York
October 20, 2019
ECONOMY

Gov’t to reduce interest rate on outstanding social insurance payments

A bill to be tabled in parliament by Wednesday will include a reduced interest rate for the repayment of outstanding debts to insurance funds, Finance Minister Christos Staikouras said on Monday.

In terms of the insurance bill, Staikouras said that interest on outstanding debts to social insurance funds will be reduced from 5 percent to 3 percent.

Staikouras was addressing the parliament’s Finance Committee, which is speed-processing the tax bill for voting in the plenary on Tuesday. Its regulations include a reduction of the property taxes (ENFIA) and improved plans for repaying outstanding tax debts.

In questions related to opposition concerns that ENFIA regulations would benefit large-scale property owners, Staikouras said that only 5 percent of the reductions relate to such individuals, leaving the greatest benefit to lower- and middle- income individuals.

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