Very quickly: some of you will have seen that Greece’s tax revenue from VAT collapsed by 18.7pc in January from a year earlier.
Nobody can seriously blame tax evasion for this. It has happened because 60,000 small firms and family businesses have gone bankrupt since the summer.
The VAT rate for food and drink rose from 13pc to 23pc in September to comply with EU-IMF Troika demands. The revenue effect has been overwhelmed by the contraction of the economy.
More poor Greek data…
Written by Joe Brown
February 9, 2012 at 10:04 GMT
Nov unemployment up to 20.9% from 18.2% in Oct
Dec Industrial output -11.3% y/y from -7.8% in Nov
Jan consumer inflation 2.3%y/y from 2.4% in Dec
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100014697/for-greece-a-tear-for-brussels-a-blush/
Nobody can seriously blame tax evasion for this. It has happened because 60,000 small firms and family businesses have gone bankrupt since the summer.
The VAT rate for food and drink rose from 13pc to 23pc in September to comply with EU-IMF Troika demands. The revenue effect has been overwhelmed by the contraction of the economy.
More poor Greek data…
Written by Joe Brown
February 9, 2012 at 10:04 GMT
Nov unemployment up to 20.9% from 18.2% in Oct
Dec Industrial output -11.3% y/y from -7.8% in Nov
Jan consumer inflation 2.3%y/y from 2.4% in Dec
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100014697/for-greece-a-tear-for-brussels-a-blush/
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