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  • Mitsotakis presents ND economic recovery plan

    New Democracy leader Kyriakos Mitsotakis outlined his party’s plan for jump-startinging the economy, which he asserted will lead to the creation of 120,000 new jobs

    ΤοΒΗΜΑ Team

    New Democracy leader Kyriakos Mitsotakis outlined his party’s plan for jump-startinging the economy and luring investments, which he asserted will lead to the creation of 120,000 new jobs, at a party conference in Iraklio, Crete, yesterday.

    An extensive list of proposals for various sectors of the economy aims to improve the business climate, and to effect a series of targeted interventions in various areas of the economy with added value.

    The overarching targets of the programme are to increase private investment by 100 billion euros, so as to reach the level of 20 percent of GDP within five years, to increase exports to the level of 40 percent of GDP, to reach growth rates of four percent of GDP, and to create 120,000 private sector jobs every year.

    Helping lower income brackets, unemployed

    Among the measures outlined in the plan are offering a stipend to the long-term unemployed, with more aid going to families with children and one-parent families.

    Mitsotakis also pledged to lower the ENFIA property tax, especially for the poorer classes. Hence, those with ENFIA bills of up to 500 euros annually will have a 30 percent tax cut, those who pay up to 1,500 euros will have a 20 percent cut, and those who pay over 1,500 euros a 10 percent cut.

    Tax cuts key

    Tax cuts are at the heart of the conservative party’s plan. That includes lowering the profit tax on businesses and offering them a 30 percent cut in their ENFIA bills in two years. There will also be a two percent reduction in taxes for businesses with over 50 employees who increase their staff by 10 percent.

    In addition, ND proposes tax incentives for businesses to invest in research and technology.

    The programme aims to lighten the burden on healthy businesses and professionals, who are sinking under debt to banks, the tax bureau, and insurance companies.

    To that end, banks would be obliged to propose a debt restructuring based on the bank’s own projections. In those cases, penalties resulting from debts to the state or to insurance funds will be reduced by the same percentage as the write down on the bank debt.

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