Tax Measures in Omnibus Bill to Increase Revenues by 3.175 Billion Euros Annually

Tax Measures in Omnibus Bill to Increase Revenues by 3.175 Billion Euros Annually

The tax measures included in the omnibus bill are expected to bring an annual increase of 3.175 billion euros in budget revenues, according to a report by the General Accounting Office accompanying the omnibus draft bill tabled to parliament earlier on Tuesday. 
 
According to the report, the estimations of the revenues collected by the tax measures are the following: 
 
- 2.390 billion euros from the changes in VAT (795 million euros in 2015)
- 75.6 million euros from a tax hike in premiums for fire and car insurance
- 410 million euros from the tax on businesses
- 48.5 million euros from luxury tax and recreational boats over 5 meters in length, as well as the tax hike from 10 pct to 13 pct for cars with over 2,500 horse power
- 251 million euros from the increase in a special solidarity levy rates for incomes over 30,000 euros
- 445 million euros from the increase in advance tax payment for companies and other legal entities
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