Government examining options to increase VAT revenue
The General Secretary of Public Revenue has arranged a meeting on Thursday in order to discuss and examine options that will…
The General Secretary of Public Revenue has arranged a meeting on Thursday in order to discuss and examine options that will increase revenue from VAT.
Amongst the options considered is introducing a monthly lottery, where consumers will be urged to submit receipts. Each receipt contains a unique number, which consumers will send to an online platform to be set up by the GS of Public Revenue.
The monthly draw would give out sums between 100 to 10,000 euros, depending on how successful the measure is. The measure has been included in the coalition government’s latest proposals to the troika, which has requested further details.
A similar system was introduced in Portugal, Malta and Slovenia – in Portugal this scheme generated an estimated 800 million euros in just over six months. The government hopes that the lottery system will increase VAT revenue by 500 million euros.