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Slovenia´s Government To Introduce A Property Tax

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In order to reduce the massive fiscal shortfall, Slovenia is looking for new revenues. The property tax may bring more than € 400m. Slovenia´s austerity measures and tax increases are achieving a new dimension. In order to reduce the fiscal shortfall, Slovenia´s government has resolved to introduce a property tax. Minister of Finance Uros Cufer explains that the tax revenues are expected to reach about € 390m. This corresponds to 1.2% of the country´s GDP. Cufer announced that the tax rate will range between 0.07% and 0.75% of the property value. In November, the Slovenian Parliament will officially approve the government´s proposal. According to economists, the new tax will reduce consumption and investments. In the long term, the tax increase will prove unfavorable for Slovenia´s economic development. In the short term, the fiscal targets may be reached, however. Balkans news

Bail-in spreads through the Europe.

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Well it's better than a telethon to raise money for the underprivileged bankers aiming to make an honest living from their hard work. We should all contribute to help keep them in the lifestyles we have become accustomed too!

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Bail-in spreads through the Europe.

Of course.

As I noted the other 'looting' thread, Property Tax hikes are always top of the Troika's list. Right now they need 1.2bn to bail Slovenian banks. Well, just take it from households. We're all in this together, right?

In Cyprus, property taxes will have risen by as much as 600% by next year.

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Slovenia to hike VAT after property tax setback

The Slovenian government plans to raise value added tax (VAT) from May 1 to increase state revenues after the country's top court ruled out a new real estate tax, Finance Minister Uros Cufer said.

VAT is expected to be raised to 24 from 22 percent for eight months, with the increase due to be confirmed by the government on Thursday, the minister said.

"The final decision has not been made yet ... but I think this is an acceptable proposal," Cufer told reporters late on Sunday after a meeting of the four parties of the centre-left ruling coalition.

The finance ministry declined to comment further on Monday.

Slovenia, which came close to seeking an international bailout last year, needs to cut its central government deficit to 2.9 percent of economic output this year to avoid possible European Union penalties.

It had hoped to raise an estimated 126 million euros ($173 million) per year - equivalent to about 1.5 percent of state income - via the real estate tax.

But the Constitutional Court rejected the tax on Friday, saying the proposal was unconstitutional because it did not determine the value of real estate clearly enough.

In December the government pumped some 3.3 billion euros into a banking sector crippled by bad loans.

It now plans a euro-denominated bond issue in coming days for least 1.5 billion euros to cover the budget deficit and prefinance debt that will mature in 2015 and 2016.

http://in.reuters.com/article/2014/03/31/slovenia-tax-idINL5N0MS1H520140331

Presumably, those with lots of property and who are in power said no to a property tax. Never mind, the proles can pay via VAT instead.

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"In order to reduce the massive fiscal shortfall, Slovenia is looking for new revenues"

Funny how you never see a headline like....

"In order to reduce the massive fiscal shortfall, Slovenia is looking to spend less money"

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