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juncker vs greece .pdf



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Greece: Prior Actions
Policy Commitments and Actions to be taken in consultation with EC/ECB/IMF staff:
1. 2015 supplementary budget and 2016-19 MTFS 1 Adopt effective as of July 1, 2015 a
supplementary 2015 budget and a 2016–19 medium-term fiscal strategy, supported by a sizable and
credible package of measures. The new fiscal path is premised on a primary surplus target of (1, 2,
3), and 3.5 percent of GDP in 2015, 2016, 2017 and 2018. The package includes VAT reforms (¶2),
other tax policy measures (¶3), pension reforms (¶4), public administration reforms (¶5), reforms
addressing shortfalls in tax collection enforcement (¶6), and other parametric measures as specified
below.
2. VAT reform
Adopt legislation to reform the VAT system that will be effective as of July 1, 2015. The reform will
target a net revenue gain of 1 percent of GDP on an annual basis from parametric changes. The new
VAT system will:
(i) unify the rates at a standard 23 percent rate, which will include restaurants and catering, and a
reduced 13 percent rate for basic food, energy, hotels, and water (excluding sewage), and a superreduced rate of 6 percent for pharmaceuticals, books, and theater;
(ii) streamline exemptions to broaden the base and raise the tax on insurance; and
(iii) Eliminate discounts on islands, starting with the islands with higher incomes and which are the
most popular tourist destinations, except the most remote ones. This will be completed by end2016, as appropriate and targeted fiscally neutral measures to compensate those inhabitants that are
most in need are determined. The new VAT rates on hotels and islands will be implemented from
October 2015.
The increase of the VAT rate described above may be reviewed at the end of 2016, provided that
equivalent additional revenues are collected through measures taken against tax evasion and to
improve collectability of VAT. Any decision to review and revise shall take place in consultation
with the institutions.
1
The fiscal path to reach the medium term primary surplus target of 3.5% will be discussed with the
institutions, in light of recent economic developments. 3. Fiscal structural measures
Adopt legislation to:
• close possibilities for income tax avoidance (e.g., tighten the definition of farmers), take measures
to increase the corporate income tax in 2015 and require 100 percent advance payments for
corporate income and gradually for individual business income tax by 2017 [end-2016]; phase out
[eliminate] the preferential tax treatment of farmers in the income tax code by 2017 [end-2016];
raise the solidarity surcharge;
• abolish subsidies for excise on diesel oil for farmers and better target eligibility to halve heating
oil subsidies expenditure in the budget 2016;
• in view of any revision of the zonal property values, adjust the property tax rates if necessary to
safeguard the 2015 and 2016 property tax revenues at €2.65 billion and adjust the alternative
minimum personal income taxation.
• eliminate the cross-border withholding tax introduced by the installments act (law XXXX/2015)
and reverse the recent amendments to the ITC in the public administration act (law XXXX/2015),
including the special treatment of agricultural
income.
• adopt outstanding reforms on the codes on income tax, and tax procedures: introduce a new
Criminal Law on Tax Evasion and Fraud to amend the Special Penal Law 2523/1997 and any other
relevant legislation, and replace Article 55, ¶s 1 and 2, of the TPC, with a view, inter alia, to
modernize and broaden the definition of tax fraud and evasion to all taxes; abolish
all Code of Book and Records fines, including those levied under law 2523/1997 develop the tax
framework for collective

investment vehicles and their participants consistently with the ITC and in line with best practices
in the EU.
• adopt legislation to upgrade the organic budget law to: (i) introduce a framework for independent
agencies; (ii) phase out ex-ante audits of the Hellenic Court of Auditors and account officers
(ypologos); (iii) give GDFSs exclusive financial service capacity and GAO powers to oversee
public sector finances; and (iv) phase out fiscal audit offices by January 2017.
• increase the rate of the tonnage tax and phase out special tax treatments of the shipping industry.
By September 2015, (i) simplify the personal income tax credit schedule; (ii) re-design and
integrate into the ITC the solidarity surcharge for income of 2016 to more effectively achieve
progressivity in the income tax system; (iii) issue a circular on fines to ensure the comprehensive
and consistent application of the TPC; (iv) and other remaining reforms as specified in ¶9 of the
IMF Country Report No. 14/151.
On health care, effective as of July 1, 2015, (i) re-establish full INN prescription, without
exceptions, (ii) reduce as a first step the price of all off-patent drugs to 50 percent and all generics to
32.5 percent of the patent price, by repealing the grandfathering clause for medicines already in the
market in 2012, and (iii)) review and limit the prices of diagnostic tests to bring structural
spending in line with claw back targets; and (iv) collect in the full the 2014 clawback for private
clinics, diagnostics and pharmaceuticals, and extend their 2015 clawback ceilings to 2016.
Launch the Social Welfare Review under the agreed terms of reference with the technical assistance
of the World Bank to target savings of 1⁄2 percent of GDP which can help finance a fiscally neutral
gradual roll-out of the GMI in January 2016.
Adopt legislation to:
• reduce the expenditure ceiling for military spending by €100 million in 2015 and by €200 million
in 2016 [by 400 euro million] with a targeted set of actions, including a reduction in headcount and
procurement;
• introduce reform of the income tax code, [inter alia covering capital taxation], investment
vehicles, farmers and the self-employed, etc.;
• raise the corporate tax rate from 26% to 28%;
• introduce tax on television advertisements;
• announce international public tender for the acquisition of television licenses and usage related
fees of relevant frequencies; and
• extend implementation of luxury tax on recreational vessels in excess of 5 meters and increase the
rate from 10% to 13%, coming into effect from the collection of 2014 income taxes and beyond;
• extend Gross Gaming Revenues (GGR) taxation of 30% on VLT games expected to be installed at
second half of 2015 and 2016;
• generate revenues through the issuance of 4G and 5G licenses.
We will consider some compensating measures, in case of fiscal shortfalls: (i) Increase the tax rate
to income for rents, for annual incomes below €12,000 to 15% (from 11%) with an additional
revenue of €160 million and for annual incomes above €12,000 to 35% (from 33%) with an
additional revenue of €40 million; (ii) the corporate income tax will increase by an additional
percentage point (i.e. from 28% to 29%) that will result in additional revenues of €130 million.
4. Pension reform
The Authorities recognise that the pension system is unsustainable and needs fundamental reforms.
This is why they will implement in full the 2010 pension reform law (3863/2010), and implement in
full or replace/adjust the sustainability factors for supplementary and lump-sum pensions from the
2012 reform as a part of the new pension reform in October 2015 to achieve equivalent savings and
take further steps to improve the pension system.
Effective from July 1, 2015 the authorities will phase-in reforms that would deliver estimated
permanent savings of 1⁄4-1⁄2 percent of GDP in 2015 and 1 percent of GDP on a full year basis in
2016 and thereafter by adopting legislation to:
• create strong disincentives to early retirement, including the adjustment of early retirement
penalties, and through a gradual elimination of grandfathering to statutory retirement age and early

retirement pathways progressively adapting to the limit of statutory retirement age of 67 years, or
62 and 40 years of contributions by 2022, applicable for all those retiring (except arduous
professions, and mothers with children with disability) with immediate application;
• adopt legislation so that withdrawals from the Social Insurance Fund will incur an annual penalty,
for those affected by the extension of the retirement age period, equivalent to 10 percent on top of
the current penalty of 6 percent;
• integrate into ETEA all supplementary pension funds and ensure that, starting January 1, 2015, all
supplementary pension funds are only financed by own contributions;
• better target social pensions by increasing OGA uninsured pension;
• Gradually phase out the solidarity grant (EKAS) for all pensioners by end-December 2019. This
shall be legislated immediately and shall start as regards the top 20% of beneficiaries in March 2016
with the modalities of the phase out to be agreed with the institutions;
• freeze monthly guaranteed contributory pension limits in nominal terms until 2021;
• provide to people retiring after 30 June 2015 the basic, guaranteed contributory, and means tested
pensions only at the attainment of the statutory normal retirement age of currently 67 years;
• increase the health contributions for pensioners from 4% to 6% on average and extend it to
supplementary pensions;
• phase out all state-financed exemptions and harmonize contribution rules for all pension funds
with the structure of contributions to IKA from 1 July 2015;
Moreover, in order to restore the sustainability of the pension system, the authorities will by 31
October 2015, legislate further reforms to take effect from 1 January 2016; (i) specific design and
parametric improvements to establish a closer link between contributions and benefits; (ii) broaden
and modernize the contribution and pension base for all self-employed, including by switching from
notional to actual income, subject to minimum required contribution rules; (iii) revise and
rationalize all different systems of basic, guaranteed contributory and means tested pension
components, taking into account incentives to work and contribute; (iv) the main elements of a
comprehensive SSFs consolidation, including any remaining harmonization of contribution and
benefit payment rules and procedures across all funds; (v) abolish all nuisance charges financing
pensions and offset by reducing benefits or increasing contributions in specific funds to take effect
from 31 October 2015; and (vi) harmonize pension benefit rules of the agricultural fund (OGA)
with the rest of the pension system in a pro rata manner, unless OGA is merged into other funds.
The consolidation of social insurance funds will take place by end 2017. In 2015, the process will
be activated through legislation to consolidate the social insurance funds under a single entity and
the operational consolidation will have been completed by 31 December 2016. Further reductions in
the operating costs and a more effective management of fund resources including improved
balancing of needs between better-off and poorer-off funds will be actively encouraged.
The authorities will adopt legislation to fully offset the fiscal effects of the implementation of court
rulings on the 2012 pension reform.
In parallel to the reform of the pension system, a Social Welfare Review will be carried out to
ensure fairness of the various reforms.
The institutions are prepared to take into account other parametric measures within the pension
system of equivalent effect to replace some of the measures mentioned above, taking into account
their impact on growth, and provided that such measures are presented to the institutions during the
design phase and are sufficiently concrete and quantifiable, and in the absence of this the default
option is what is specified above.
5. Public Administration, Justice and Anti Corruption
Adopt legislation to:
• reform the unified wage grid, effective 1 January, 2016, setting the key parameters in a fiscally
neutral manner and consistent with the agreed wage bill targets and with comprehensive application

across the public sector, including decompressing the wage distribution across the wage spectrumin
connection with the skill, performance and responsibility of staff. (The authorities will also adopt
legislation to rationalise the specialised wage grids, by end-November 2015);
• align non-wage benefits such as leave arrangements, per diems, travel allowances and perks, with
best practices in the EU, effective 1 January 2016;
• establish within the new MTFS ceilings for the wage bill and the level of public employment
consistent with achieving the fiscal targets and ensuring a declining path of the wage bill relative to
GDP until 2019;
• hire managers and assess performance of all employees (with the aim to complete the hiring of
new managers by 31 December 2015 subsequent to a review process)
• introduce a new permanent mobility scheme applied by Q4 2015. The scheme will promote the
use of job description and will be linked with an online database that will include all current
vacancies. Final decision on employee mobility will be taken by each service concerned. This will
rationalize the allocation of resources as well as the staffing across the General Government.
• reform the Civil Procedure Code, in line with previous agreements; introduce measures to reduce
the backlog of cases in administrative courts; work closely with European institutions and technical
assistance on e-justice, mediation and judicial statistics
• strengthen the governance of ELSTAT. It shall cover (i) the role and structure of the Advisory
bodies of the Hellenic Statistical System, including the recasting of the Council of ELSS to an
advisory Committee of the ELSS, and the role of the Good Practice Advisory Committee (GPAC);
(ii) the recruitment procedure for the President of ELSTAT, to ensure that a President of the highest
professional calibre is recruited, following transparent procedures and selection criteria; (iii)
the involvement of ELSTAT as appropriate in any legislative or other legal proposal pertaining to
any statistical matter; (iv) other issues that impact the independence of ELSTAT, including financial
autonomy, the empowerment of ELSTAT to reallocate existing permanent posts and to hire staff
where it is needed and to hire specialised scientific personnel, and the classification of the
institution as a fiscal policy body in the recent law 4270/2014; role and powers of Bank of Greece
in statistics in line with European legislation.
•Publish a revised Strategic Plan against Corruption by 31 July 2015. Amend and implement the
legal framework for the declaration of assets and financing of the political parties and adopt
legislation insulating financial crime and anti-corruption investigations from political intervention
in individual cases.
Moreover, in collaboration with the OECD, the Authorities will:
• Strengthen controls in public entities and especially SOEs. Empower the Line Ministries to
perform robust audit and control inspections to supervised entities including SOEs.
• Strengthen controls and internal audit processes in high spending Local Government Institutions
and their supervised legal entities.
• Strengthen controls in public and private investment cases funded either by national or co-funded
by other sources, public works and public procurement (e.g. in health sector, SDIT).
• Strengthen transparency and control processes and skills in tax and customs authorities.
• Assess major risks in the public procurement cycle, taking in consideration the recent
developments (Central Purchasing and e-Procurement: KHMDHS and ESHDHS) and the need to
have a clear governance framework. Develop strategy according to the assessment(Q4 2015)
• Implement strategy to mitigate public procurement risks.(Q1 2016)
• Assess 2 specific sectors, Health and Public Works in order to understand the existing constrains
related to corruption and waste risks and propose measures to address them. Develop and
implement strategy. (Q4 2015)
6. Tax administration
Take the following actions to:

• Adopt legislation to establish an autonomous revenue agency, that specifies: (i) the agency’s legal
form, organization, status, and scope; (ii) the powers and functions of the CEO and the independent
Board of Governors; (iii) the relationship to the Minister of Finance and other government entities;
(iv) the agency’s human resource flexibility and relationship to the civil service; (v) budget
autonomy, with own GDFS and a new funding formula to align incentives with revenue collection
and guarantee budget predictability and flexibility; (vi) reporting to the government and parliament;
and (vii) the immediate transfer of all tax- and customs-related capacities and duties and all tax- and
customs-related staff in SDOE and other entities to the agency.
• on garnishments, adopt legislation to eliminate the 25 percent ceiling on wages and pensions and
lower all thresholds of €1,500 while ensuring in all cases reasonable living conditions; accelerate
procurement of IT infrastructure to automatize e-garnishment; improve tax debt write-off rules;
remove tax officers’ personal liabilities for not pursuing old debt; remove restrictions on conducting
audits of tax returns from 2012 subject to the external tax certificate scheme; and enforce if legally
possible upfront payment collection in tax disputes.
• amend (i) the 2014–15 tax and SSC debt instalment schemes to exclude those who fail to pay
current obligations and introduce a requirement for the tax and social security administrations to
shorten the duration for those with the capacity to pay earlier and introduce market-based interest
rates; the LDU and KEAO will assess by September 2015 the largedebtors with tax and SSC debt
exceeding €1 million (e.g. verify their capacity to pay and take corrective action) and (ii)
the basic instalment scheme/TPC to adjust the market-based interest rates and suspend until end2017 third-party verification and bank guarantee requirements.
• adopt legislation to accelerate de-registration procedures and limit VAT re-registration to protect
VAT revenues and accelerate procurement of network analysis software; and provide the
Presidential Decree needed for the significantly
strengthening the reorganisation of the VAT enforcement section in order to strengthen VAT
enforcement and combat VAT carousel fraud. The authorities will submit an application to the EU
VAT Committee and prepare an assessment of the implication of an increase in the VAT threshold to
€25.000.
• combat fuel smuggling, via legislative measures for locating storage tanks (fixed or mobile);
• Produce a comprehensive plan with technical assistance for combating tax evasion which includes
(i) identification of undeclared deposits by checking bank transactions in banking institutions in
Greece or abroad, (ii) introduction of a voluntary disclosure program with appropriate sanctions,
incentives and verification procedures, consistent with international best practice, and without any
amnesty provisions (iii) request from EU member states to provide data on asset ownership and
acquisition by Greek citizens, (iv) renew the request for technical assistance in tax administration
and make full use of the resource in capacity building, (v) establish a wealth registry to improve
monitoring.
[produce a plan whereby the SGPR intensifies fight to tax evasion and undeclared deposits, by
checking bank
transactions in banking institutions in Greece or abroad, with a view to recover unpaid taxes;]
• develop a costed plan for the promotion of the use of electronic payments, making use of the EU
Structural and Investment Fund;
• Create a time series database to monitor the balance sheets of parent-subsisdiary companies to
improve risk analysis criteria for transfer pricing
7. Financial sector
Adopt: (i) amendments to the corporate and household insolvency laws including to cover all
debtors and bring the corporate insolvency law in line with the OCW law; (ii) amendments to the
household insolvency law to introduce a mechanism to separate strategic defaulters from good faith
debtors as well as simplify and strengthen the procedures and introduce measures to address
the large backlog of cases; (iii) amendments to improve immediately the judicial framework for

corporate and household insolvency matters; (iv) legislation to establish a regulated profession of
insolvency administrators, not restricted to any specific profession and in line with good crosscountry experience; (v) a comprehensive strategy for the financial system: this strategy will
build on the strategy document from 2013, taking into account the new environment and conditions
of the financial system and with a view of returning the banks in private ownership by attracting
international strategic investors and to achieve a sustainable funding model over the medium term;
and (vi) a holistic NPL resolution strategy, prepared with the help of a strategic consultant.
8. Labour market
Launch a consultation process to review the whole range of existing labour market arrangements,
[similar to that foreseen for the determination of the level of the minimum wage (Art.
103 of Law 4172/2013) to review the existing frameworks of collective dismissals, industrial
action, and collective bargaining], taking into account best practices elsewhere in Europe. Further
input to the consultation process described above will be provided by international organisations,
including the ILO. The organization and timelines shall be drawn up in consultation with the
institutions. In this context, legislation on a new system of collective bargaining should be ready by
Q4 2015. [No changes to the current collective bargaining framework will be made prior to
the conclusion of the review and in any case not before end-2015. Any proposed changes to the
legislative frameworks will only be adopted in agreement with the EC/ECB/IMF.] The authorities
will take actions to fight undeclared work in order to strengthen the competitiveness of legal
companies and protect workers as well as tax and social security revenues.
9. Product market
Adopt legislation to:
• implement all pending recommendations of the OECD competition toolkit I, except OTC
pharmaceutical products, starting with: tourist buses, truck licenses, code of conduct for traditional
foodstuff, eurocodes on building materials, [including inter alia truck licenses], and all the OECD
toolkit II recommendations on beverages and petroleum products;
• In order to foster competition and increase consumer welfare immediately launch a new
competition assessment, in collaboration and with the technical support of the OECD, on wholesale
trade, construction, e-commerce and media. The assessment will be concluded by Q1 2016.The
recommendations will be adopted by Q2 2016.
• open the restricted professions of engineers, notaries, actuaries, and bailiffs and liberalize the
market for tourist rentals [and ferry transportation];
• eliminate non-reciprocal nuisance charges and align the reciprocal nuisance charges to the services
provided;
• reduce red tape, including on horizontal licensing requirements of investments and on low-risk
activities as recommended by the World Bank, and administrative burden of companies based on
the OECD recommendations, and (ii) establish a committee for the inter-ministerial preparation of
legislation. Technical assistance of the World Bank will be sought to implement the easing of
licensing requirements.
• design electronic one-stop shops for businesses through analysing information obligations
businesses have to comply with, structuring them accordingly and helping to design a project on
developing the necessary ICT tools and infrastructure (Q3 2015). Setting up the institutional & coordination structure, identification of the business life events to be included, identification and
mapping of information obligations & administrative procedures and training of officials
(Q4 2015). Launch (Q1 2016)
• adopt the reform of the gas market and its specific roadmap, and implementation should follow
suit.
• take irreversible steps (including announcement of date for submission of binding offers) to
privatize the electricity transmission company, ADMIE, or provide by October 2015 an alternative
scheme, with equivalent results in terms of competition, in line with the best European practices to
provide full ownership unbundling from PPC, while ensuring independence.

On electricity markets, the authorities will reform the capacity payments system and other
electricity market rules to avoid that some plants are forced to operate below their variable cost, and
to prevent the netting of the arrears between PPC and marketoperator; set PPC tariffs based on
costs, including replacement of the 20% discount for HV users with cost based tariffs; and
notify NOME products to the European Commission. The authorities will also continue the
implementation of the roadmap to the EU target model prepare a new framework for the support of
renewable energies and for the implementation of energy efficiency and review energy taxation; the
authorities will strengthen the electricity regulator’s financial and operational independence;
10. Privatization
• The Board of Directors of the Hellenic Republic Asset Development Fund will approve its Asset
Development Plan which will include for privatisation all the assets under HRDAF as of
31/12/2014; and the Cabinet will endorse the plan.
• To facilitate the completion of the tenders, the authorities will complete all government pending
actions including those needed for the regional airports, TRAINOSE, Egnatia, the ports of Pireaus
and Thessaloniki and Hellinikon (precise list in Technical Memorandum). This list of actions is
updated regularly and the Government will ensure that all pending actions are timely implemented.
• The government and HRADF will announce binding bid dates for Piraeus and Thessaloniki ports
of no later than end- October 2015, and for TRAINOSE ROSCO, with no material changes in the
terms of the tenders.
• The government will transfer the state's shares in OTE to the HRADF.
• Take irreversible steps for the sale of the regional airports at the current terms with the winning
bidder already selected.


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