Greek Reforms – Annual Tax Returns Now Monthly

Annual tax returns must now been done monthly. This is how the Greek government makes doing business easier.

This is how the Greek government reforms and makes the country more business friendly.

Business are now required to submit the equivalent of an annual tax return every month. As this article points out, this work load is expected to overwhelm accountants within the Greece. Accountants or are finding it increasingly difficult to get paid for the work they do at the moment.

And in addition to this the Greek government will also be passing a law which would fine businesses 30,000 Euro if they do not submit even one invoice on time each month.

They will be an immediate fine of 1000 Euro and this will grow to 30,000 Euro by the end of the year if the fine is not paid.

Accountants are liable for 50% of these fines so quite rightly they have been on strike for the past 3 days.

There is talk of the Greek government returning to the markets in the near future.

Given the amount of QE coming from the US there is no shortage of dollars to buy Greek government bonds.

If you are a bank getting free money from the Fed and you can use that money to get 15% yield from Greek government debt, you would be an idiot not to get in on the money-making scheme. You just have to hope the Troika can keep the Greek government afloat for the next six or seven years.

Where is the money coming from to keep the Greek government afloat?

European taxpayers and people who are holding their savings in Euros/Dollars/Yen etc

The people outside of Greece make sure that the principal is safe and the people inside of Greece pay the interest through asset striping.

As I have written before, the long-term prospects are a country where people have lost their homes and their assets, a government which has seized these assets and a government which needs to offload these assets to pay for whatever default deal they work out with the World Bank or IMF.

The average Greek will not be in a position to snap up these assets, large foreign business will be coming in and snapping up the land for redevelopment and to make Greece the number one holiday destination for the mega rich with the Greeks living in the ruins.

Greek need to prepare themselves by avoiding government. If you are a Greek with assets you your debts to the government are increasing you need to cut your losses now before things get out of hand.

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