20/02/2015!EUROGROUP!Agreement!

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1 GreekReforms inthecontextofthe 20/02/2015EUROGROUPAgreement MARCH2015

2 1. Introduction, Thisdocumentpresentsforthefirsttimeafullsummaryofthereformsandlegislativeprojectsthat willbeundertakenbythegovernmentofgreeceunderthetermsofthefebruary20,2015extension of the MFAFA. It is presented to Greece's European partners as a step towardscompletion of the FinalReviewofthepresentarrangementbytheagreedtargetdateoftheendofApril,2015.Over the intervening month, the Greek Government is prepared to share full details of the technical judgmentsunderlyingthefiscalprojectionspresentedhere,whileseekingthebenefitoftheexpertise andpracticalexperienceofitspartnerstorefineandimprovetheestimates. Thelargerpurposeofthisdocumentis,inthefirstinstance,tounlockshortJtermfinancingthatwill permit the Greek government to meet immediate obligations, and to meet the stipulations of the European Central Bank so that Greek government bills may again be issued to Greek banks and rediscounted at the ECB. The Greek government considers that these steps are now essential preconditions for the stabilization of the Greek economy and to begin the recovery of Greek institutions and society from the crisis of the past six years, whose consequences are visible and knowntoall. TheHellenicRepublicconsidersitselftobeaproudandindefeasiblememberoftheEuropeanUnion and an irrevocable member of the Eurozone. Yet the viability of that Union, and especially of the commoncurrency,isnowinquestion,inthemindsofmanygreekcitizensasitisinthemindsof many among our European partners. The question before us all, as Europeans, is whether the EuropeanUnioncanrisetothechallengebeforeit.Itisnecessarynow,withoutfurtherdelaytoturn a corner on the mistakes of the past and to forge a new relationship between member states, a relationshipbasedonsolidarity,resolve,mutualrespectandanewhopeforcommonprogress.to thatend,itisnowurgentthatthebooksbeclosedonthepastprogrammewiththerapidconclusion ofthefinalreview,sothatgreeceandherpartnerscanproceedtonegotiateandtolaunchanew partnershipandanewmodelfordevelopmentandgrowthingreece. 2. Macroeconomic,and,Fiscal,Context, Macroeconomic,framework, TherealoutputgrowthforecastfortheGreekeconomyis1.4%for2015and2.9%for2016.Both forecastsarelowerthanthoseprojectedbythebudgetfor2015(2.9%)andtheprogrammefor2016 (3.7%). In particular, the new scenario assumes delay of consumption and investment plans in the firsttwoquartersof2015duetocontinueduncertaintyandareboundinthesecondhalfof2015that continues into 2016 as uncertainty clears. The main drivers of real growth are consumption and investmentexpenditurejtheformerbeingmorerobustin2016.thebaselinescenarioassumesno policychanges.underthisnewscenario,unemploymentisestimatedat23.4%in2015(incomparison to22.6%inthe2015budget)and21.1%in2016. Source:MinistryofFinance,preliminaryprojections. TheMinistryofFinancerealoutputgrowthforecastfor2015isapproximatelyequaltothemedian forecastofawiderangeofdomesticandforeignbanksandresearchinstitutes. 2

3 Fiscal,projections, Assumingnopolicychanges,thenewmacroeconomicenvironmentisconsistentwithaprimaryfiscal surplusof1.2%for2015.takingintoaccounttheeffectofthemeasurestobroadenthetaxbaseand increaserevenuesfor2015,whichamountto 4.7billion,theprimaryfiscalsurplusfor2015could increasesubstantiallyopeningupsomefiscalspace. Source:MinistryofFinance,preliminaryprojections Tax administration in Greece has been plagued for decades by loose legislation, primitive technologiesandweakenforcement,whichtogetherhavefosteredaclimateofnonjcompliance.this inturnimposesarequirementofhighrates,especiallyontaxesthatfallonconsumptionandproperty and that are therefore harder to avoid, and the consequence of that in times of fiscal stress is extreme tax pressure on the general working population, along with increasing informality, tax evasionandalargebacklogoftaxarrears,mostofwhichbecomeuncollectibleastimepasses. The new government is conscious that this cycle of nonjcompliance, tax pressure and dej formalizationmustbebroken,andtheonlywaytodothatistoforgeanewsystemofefficientand seamlesstaxadministrationingreece.forthisreason,thetaxproposalsofthenewgovernmentseek to exploit bestjjjpractice experience in the partner countries over a large spectrum of tax policies. Eachofthesemayberelativelysmallinimmediaterevenueraised,andtheprospectiverevenuesin eachcasearesubjecttouncertainty.butthecomprehensiveandbroadjjjbasedapproachwillhelpto assure that, in the aggregate, significant revenues will be forthcoming. More important, comprehensivereformoftaxadministrationwilllaythegroundworkforamoreefficientandfairtax system in the future, and therefore a lower tax burden ongoing business concerns and compliant householdsasthegreekeconomyrecovers. Financing,needs, In the government s baseline scenario, which assumes no policy changes, the country's financing needsstandsatapproximately # 19billion.Itisimportanttohighlightthattheshortfallofthe2014 primarysurplusby2709millionswascarriedoverinto2015,paidforfromthegeneralgovernment s liquidityreserves.,,,, 3

4 Financial,and,Fiscal,overview,of,the,Greek,Reforms Table3showsanoverviewofthetotalfinancialandfiscalimpactofGreekReformprogram. Source:MinistryofFinanceandTechnicalGroup,preliminaryprojections Table 4 shows the range of fiscal scenarios associated with the full implementation of the reform agenda. Source:MinistryofFinanceandTechnicalGroup,preliminaryprojections. 4

5 Table5describesthelistofpolicymeasureswithaprojectedpositivefiscalimpactfor2015. Source:MinistryofFinanceandTechnicalGroup,preliminaryprojections. Table6aggregatesthemeasureswithanexpectednegativefiscalimpact. Source:MinistryofFinanceandTechnicalGroup,preliminaryprojections. 5

6 Table7and8aggregatethosemeasuresthatdonotaffecttheprimarysurplus,buthaveapositive financialeffectforotherreasons. Source:MinistryofFinanceandTechnicalGroup,preliminaryprojections. Reform,Areas,, 3. Taxation, 3.1. Intensification,of,audits,on,lists,of,bank,transfers,and,offshore,entities, a.currentsituation:thegovernmentisintheprocessoffinalizingtheauditingoftransfers.thisaudit willmakeitpossibletohomeinonunjtaxedincomes,potentiallyrepresentingasourceofsignificant taxrevenues.thesameistrueoflistsofgreekcitizenswithdepositsinforeignbankinginstitutions. Moreover,thereare500pendingcasesthatrefertoauditsthathavebeencompletedsince2013,but correspondingtaxobligationshaveyettobeassessedgiventhelegalrequirementdeterminingthat existingcasesareauditedagainbytherespectivetaxoffices. b.proposedmeasures:thegspr(generalsecretariatofpublicrevenues)willcombinebanktransfer and tax return databases in cooperation with SDOE (the financial crime squad) antijcorruption prosecutors. Strengthen banking sector data mining techniques and improve current risk analysis system undertheguidanceofthegreekgovernment soecdexperts. GSPRhasidentifiedasetof5complementarymeasurestoaccomplishthispolicygoal.Thedetails oftheseinitiativesarereadilyavailablefordiscussionwiththeinstitutions. This policy is a component of one of the items in the Eight BillsJActionsJStructural Reforms (EBASR)tobeintroducedshortly(EBASRJ3). c.responsibleauthority:gspr,sdoe. d.timetable:q2of2015. e. Quantification of fiscal impacts: 725 to 875 million in billion from 2016 onwards. TechnicaldetailsforthiscalculationareavailablefromGSPR Combating,illegal,trade,on,oil,,tobacco,and,alcohol,, a.currentsituation:petroleum,alcoholandtobaccoproductssmugglingwillbetargeted.inprevious yearsantijsmugglingeffortshavebeenfragmentedandnotreflectingbestpractices. b. Proposed measures: Staffing and operation of Customs Mobile Control Units with auditors, in order to carry out 24/7 checks on a daily basis. Further cooperation and assistance with European partners.gsprhasidentifiedasetof11complementaryreformstoaccomplishthispolicygoal.the detailoftheseinitiativesisreadilyavailablefordiscussionwiththeinstitutions. c.responsibleauthority:gspr,sdoe. d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: from 250 to 400 million in million from 2016 onwards.technicaldetailsforthiscalculationareavailablefromgspr Enforcement,of,transfer,pricing,legislation, a. Current situation: Greece delayed the adoption of the OECD s Transfer Pricing Guidelines for Multinational Enterprises. Greek legislation also envisages the conclusion of Advance Pricing Agreements(APAs).Specificactionswillneedtobetakenfortheenforcementofboththeguidelines andexistinglegislation. 6

7 b. Proposed measures: Legislation has recently been introduced (Law 4321/2015, article 21) accordingtowhichexpendituresrepresentingahighriskoftransferpricingincidencewillincurexj antethecorporatetaxofrateof26%. IntroductionofaDivertedProfitTaxsimilartotheonerecentlyadoptedbytheUnitedKingdom. ClosecooperationwithOECD,TFGRexpertsandEuropeanpartnerstofacilitatetheprocessof implementation of the guidelines. Furthermore, cooperation will allow undertaking studies to identify current gray areas and companies overjexploiting opportunities via intrajgroup transactions. c.responsibleauthority:gspr. d.timetable:q2of2015. e.quantificationoffiscalimpacts:from 40to 60millionin millionfrom2016onwards. TechnicaldetailsforthiscalculationareavailablefromGSPR Introduction,of,a,VAT,lottery,scheme,, a. Current situation: VAT evasion takes the form of nonjissuance of receipts concealing the actual valueofthetransaction.consumersoftencolludewithsellerstoreceivegoodsandserviceswithout the issuance of receipts so as to avoid being charged with VAT. To give costumers an incentive to abstainfromthispractice,avatlotteryschemeisconsidered. b. Proposed measures: Implementation of a lottery system rewarding costumers for demanding a receipt,asimplementedrecentlyinportugal,slovakiaandmalta.closecooperationandassistance from tax authorities in this countries, as well as other European partners will be requested to acceleratethisprocess. GSPR has already prepared a proposal for a pilot application of the VAT lottery using own technical resources. Close cooperation and assistance from tax authorities in this countries, as wellasothereuropeanpartnerswillberequestedtoacceleratethisprocess. c.responsibleauthority:gspr. d.timetable:q2of2015. e. Quantification of fiscal impacts: from 270 to 600 million in million from 2016 onwards.technicaldetailsforthiscalculationareavailablefromgspr Fight,against,VAT,fraud,, a. Current situation:basedonastudybythebelgiantaxauthorities,thegreekstatecould"save" approximately 1 billion from the fight against VAT fraud. The GSPR is committed to combat VAT fraud.inparticular,bothbelgianandgreektaxauthoritiesareworkingtogetheronidentifyingthe VAT fraud in Greece through the use of a special social network analysis software (SNA by SAS Institute). b.proposedmeasures:strengtheningofthespecialvatfraudunitwithinyedde. TheGSPRintendstoactivelyseekfundsforthepurchaseoftheSNAsoftware,possiblythrough thesiemenssettlementfund.withthesna,thespecialvatfraudunitwillbeabletoidentify almostinrealjtimebothlargeandsmallfraudnetworks. ClosecooperationwithBelgianTaxauthoritiestoensurethepromptimplementationanduseof thesnasoftware. c.responsibleauthority:gspr. d.timetable:q2of2015. e. Quantification of fiscal impacts: from 350 to 420 million in million from 2016 onwards.technicaldetailsforthiscalculationareavailablefromgspr Improvement,of,the,VAT,collection,mechanism, a.currentsituation:vatrevenuecollectionishamperedbylowpercentageofejpaymentsonaday todaybasis. b.proposedmeasures:toimprovethevatcollectionmechanismasplitpaymentmodel,isproposed alongthelinesofthespecialreportpreparedbypwcandorderedbytaxud. B2B(aboveEUR500)andthemajorityofB2Ctransactions(aboveEUR1.500),whichaccordingto Greeklegislationshouldbepaidviabankaccountsandbankinstruments,willbeeligibleforthe splitpaymentmethod. ClosecooperationwithTAXUDtoensuretheproperimplementationofthesplitpaymentmodel. 7

8 c.responsibleauthority:gspr. d.timetable:q2of2015. e.quantificationoffiscalimpacts:apilotprogramwillbeimplementduringtheyear.basedonthis, thegsprwillbeabletoprojectfuturerevenuesassociatedwiththismeasure Enhance,monitoring,of,the,digital,economy a.currentsituation:thegsprhassetupaspecialunitfocusingonelectroniccommerceandintends tointensifyauditsonenterprisesthatusemodernbusinessmodelsfortheiroperationsfollowing guidelinesestablishedbytheoecd. b.proposedmeasures:introductionoflegislationthatwouldallowthegsprtocreatefakeprofilesin ordertoengageintransactionswithdigitalenterprisesthataresuspectedoftaxevasion. ClosecooperationwiththeOECDtoestablishanActionPlanonBaseErosionandProfitShifting tailoredtothespecialcharacteristicsofthegreekeconomy. c.responsibleauthority:gspr. d.timetable:q2of2015. e.quantificationoffiscalimpacts:basedonthecooperationwiththeoecd,thegsprwillbeableto projectfuturerevenuesassociatedwiththismeasure Improvement,of,the,state,revenue,collection,mechanism, a.currentsituation:almost85%ofarrearsisconsideredtobenonjcollectable,duetothetimethat has elapsed since its assessment, the likely bankruptcy of the taxpayer, instances of debt owed by state owned or non active companies and in certain cases, the unreasonably large accumulated amountofassessedtax,surcharges,finesandpenalties. b. Proposed measures:reviewofthecodeofpubliccollection(kede)aswellasthecodeofcivil ProceduresonwhichKEDErests,alongsidewriteJoffrulesfordebts.Thiswillhelptoclearthestockof oldnonjcollectabledebts,mainlythecaseshandledbythelargedebtorunit. Focus on collectable debt in parallel to the implementation of new collection tools (gradual extension of the ejgarnishment system, ejgarnishment of salaries above a certain threshold, reviewoflegislationforgarnishingbanksafes,amongothers). GSPRhasidentifiedasetof7complementaryreformstoaccomplishthispolicygoal.Thedetails oftheseinitiativesarereadilyavailablefordiscussionwiththeinstitutions.ofspecialimportance isthenecessitytoensurethefullstaffingofthelargedebtorunit. ThispolicyisacomponentofEBASRJ4. c.responsibleauthority:gspr. d.timetable:progressiveimplementationbetween2015and2017. e.quantificationoffiscalimpacts:from 225to 235millionin2015.Technicaldetailsofcalculation areavailablefromgspr Installment,scheme a.currentsituation:thecollectabilityofthenewtaxliabilitiesisterriblyweak(only13%)andso arrearshavebeenincreasingduringthepast2years,atarateofmorethan 1billionpermonth. Morethan3.5milliontaxpayersarenolongerabletomeettheirtaxobligations. b.proposedmeasures:amendthelegislationforrepaymentsoftaxandsocialsecurityarrears.also, to dejcriminalize lower income debtors with small liabilities in order to avoid their marginalization fromtheformaleconomy. Close cooperation with the OECD, to establish best practices adapted to the realities of the country following the Working Smarter in Tax Debt Management report on strengthening enforcementmethodsandprocedures. ThispolicyisacomponentofEBASRJ4. c.responsibleauthority:gspr. d.timetable:alreadylegislatedandtobeimplementedthroughouttheyear. e. Quantification of fiscal impacts: from 300 to 400 million in million from 2016 onwards.technicaldetailsofcalculationareavailablefromgspr Strengthening,the,internal,tax,dispute,resolution,unit, a. Current situation:animportantissuethataffectsthefunctionofthetaxadministrationandthe 8

9 collectionoftaxrevenuesinspecificisthesignificantlyhighnumberoftaxcasespendingbeforethe administrative courts. The judicial system is in a critical situation and a high volume of cases face severedelays.accordingtojune s2014data,thependingcourtcaseswere63,999. b.proposedmeasures:strengtheningoftheinternaltaxdisputeresolutionunitwithingspr. ReviewoftheexistinglegislationbytheGSPRstaffwithaviewtofacilitatingandencouragingthe issuanceofexplicitdecisions. ThispolicyisacomponentofEBASRJ6. c.responsibleauthority:gspr. d.timetable:q2of2015. e.quantificationoffiscalimpacts:nofiscalimpactbasedonpreliminaryassessmentsmadebythe GSPR.Enhancementandpromotionofvoluntarycomplianceisexpected Tax,policy,reform,related,to,criminal,charges a. Current situation: Legal provisions for criminal charges on tax fraud need to be remodeled to distinguishbetweensinceretaxpayersthatmayfacedifficultiesincomplyingwiththeirtaxobligations andtaxpayerswhoengageinlargejscaletaxevasionorstrategicdefault.oncethecriminalprovisions threshold is reached, the case should be treated as a criminal case, without the possibility of terminationofthecriminalproceedingsbymeansofacompromisewiththetaxadministration. b.proposedmeasures:adoptionofabridgeprovisioninthetpc(law4174/2013),whichallowsfor casesoftaxevasioncommittedbynotreportingorunderjreportingincome,byactivelymisleading thetaxauthoritiesorbynotpayingvattobetreatedascriminalcases, When the criminal provisions are activated, the penalties and fines of the TPC will not be applicableandthecasewillbetreatedonlybythecriminalcourt.thecriminalproceedingswill not be affected by the recourse of the taxpayer to the dispute resolution facility of the Tax Administrationorbyrecoursetoadministrativecourts. ThispolicyisacomponentofEBASRJ3. c.responsibleauthority:gspranddepartmentofjustice. d.timetable:q2of2015. e.quantificationoffiscalimpacts:nofiscalimpactbasedonpreliminaryassessmentsmadebythe GSPR.Enhancementandpromotionofvoluntarycomplianceisexpected Initiatives,to,increase,revenues,, a. Current situation:avarietyofactionsmustbetakentoensurethecollectionofpreviousyears taxes. The failure to collect taxes for many years running past was the result of either operational inefficienciesorduetothelackofappropriatedata. b.proposedmeasures:enforcementofthecollectionofspecialbusinessfeeoncompaniesfor2013: In2014,thesumofthisfeeamountedto 190million,70%ofwhichisestimatedtobecollectable. Collection of vehicle inspection fees (ΚΤΕΟ): Revenues could be raised through introduction of legislationthatwouldallowownerstopaythedutywithout,orwithasmall,penalty. GSPRhasidentifiedasetof4complementarymeasurestoaccomplishthispolicygoal.Thedetails oftheseinitiativesarereadilyavailablefordiscussionwiththeinstitutions. c.responsibleauthority:gspr. d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts:from 435to 450millionin2015.Technicaldetailsofcalculation areavailablefromgspr Implementation,of,TV,advertisement,tax,legislation, a. Current situation: A law was passed in 2010 establishing a tax of 20% on revenue from TV advertisements. However, its implementation has been continually suspended through successive circularsofthegspr.thelastsuspensionoccurredonjanuary21 st b. Proposed measures: Legislation that annuls the January 21 st 2015 suspension leading to the immediateimplementationofthelaw. ClosecooperationwiththeOECDandEuropeanpartnerstostudythepossibilityofextendingthis taxtoadvertisementtothedigitalmedia. c.responsibleauthority:ministryoffinance,gspr. d.timetable:june

10 e.quantificationoffiscalimpacts:from 50to 70millionin2015.Technicaldetailsofcalculation areavailablefromgspr Luxury,tax, a. Current situation:thistaxalreadyaffectsthoseinpossessionofluxurygoods(orassetssuchas cars,swimmingpools,yachts). b.proposedmeasures:increasetherelevanttaxrates. c.responsibleauthority:gspr. d.timetable:june2015. e. Quantification of fiscal impacts: Around 20millionin2015.Technicaldetailsofcalculationare availablefromgspr Wealth,databaseSregistry, a.currentsituation:pertainingmostlytorealstate,theideahereistousearegistryofassetsinorder touncovercasesoftaxevasionbyjuxtaposingwealthwithpastdeclaredincomestreams. b.proposedmeasures:newlegislationwillberequiredwhilethegovernmentmustensurethatthe GSPR/GSIShasadequatefundsforthenecessaryinvestmentinITsystemsaswellasdirectaccessto bankingrecords. ClosecooperationwiththeOECDtodevelopastudyoftheevolutionofthewealthofthetop1% anditsrelationwithtaxpracticesinthecountry. ThispolicyisacomponentofEBASRJ3. c.responsibleauthority:gspr. d.timetable:fromjune2015throughjune2016. e.quantificationoffiscalimpacts:nofiscalimpactbasedonpreliminaryassessmentsmadebythe GSPR.Enhancementandpromotionofvoluntarycomplianceisexpected Streamline,the,income,tax,code, a.currentsituation:legislationwillbeintroducedensuringprofitsandsalariesaretaxedwherethe economicactivitytakesplace. b.proposedmeasures:modernizingtheincometaxcodeandeliminatingexemptions.streamlinetax ratesirrespectiveofincomesource(exceptionstobeconsideredforhighlymobileassets). IncreaseprogressivitythroughimpositionofataxJfreethresholdandanincreaseintopmarginal rates. ThispolicyisacomponentofEBASRJ3. c.responsibleauthority:gspr,ministryoffinance. d.timetable:q2of2015. e. Quantification of fiscal impacts: from 300 to 400 million in million from 2016 onwards.technicaldetailsofcalculationareavailablefromgspr Tax,evasion,by,selfSemployed,business/professionals a. Current situation:theincidentoftaxevasionamongsttheselfemployedistraditionallyhighin Greece. b.proposedmeasures:apointofsaleelectronicapplicationthatwillrecordeveryincomingcustomer and transfer realjtime notifications to the authorities. Priority will be given to this application at businesseswithafixedlocation. Developmentofriskbasedtargetedaudits. Greek authorities will request cooperation from OECD and European partners specifically to targetnonjretailbusinesswhichaccountforasignificantshareoftaxevasiononthisissue. ThispolicyisacomponentofEBASRJ3. c.responsibleq2of2015. e.quantificationoffiscalimpacts:from 20to 30millionin millionfrom2016onwards. TechnicaldetailsofcalculationareavailablefromGSPR Incentives,for,the,payment,of,taxes,assessed,upon,an,audit, (assessment,up,to, ), a.currentsituation:thebacklogofcourtcasesinthejudicialsystemisaseriousproblem.byjune 10

11 2014,therewere63999pendingcourtcases. b. Proposed measures: Amend of prevailing legislation so as to remove legal impediments to administrativesettlements. Establishment of Committees for administrative settlements at a regional level and transfer to themofcasesthathavenotyetpassedafirsthearingincourt. Reductionofpenaltiesandsurchargesataratebetween33%and50%whenthetaxpayerpays the full sum and does not pursue further legal action. This measure requires the passing of legislationwithaviewtocoveringcasesoftaxyearsupto ThispolicyisacomponentofEBASRJ4. c.responsibleauthority:gspr,ministryoffinance. d.timetable:june2015. e. Quantification of fiscal impacts: from 100 to 200 million in million from 2016 onwards.technicaldetailsofcalculationareavailablefromgspr Strengthening,the,independence,of,GSPR,, a.currentsituation:accordingtol.4093/2012thegsprwasestablishedasasemijautonomoussg withintheministryoffinance.inordertoimprovethefunctioningofthegspr,itsautonomyshould bestrengthened. b.proposedmeasures:strengthentheindependenceofthegeneralsecretariatofpublicrevenues (GSPR),ifnecessarythroughfurtherlegislation,fromallsortsofinterference(politicalorotherwise) whileguaranteeingfullaccountabilityandtransparencyofitsoperations. Staffadequately,bothquantitativelyandqualitatively,theGSPRandinparticularthehighwealth and large debtors units of the revenue administration and ensure that it has strong investigative/prosecutionpowers. Cancel duplication of investigative powers and functions between GSPR and other authorities, bringingallofthemundergspr. The Ministry of Finance has identified a set of 5 complementary measures to accomplish this policygoal.thedetailoftheseinitiativesisreadilyavailablefordiscussionwiththeinstitutions. ThispolicyisacomponentofEBASRJ1. c.responsibleauthority:ministryoffinance,gspr. d.timetable:juneof2015through2017. e.quantificationoffiscalimpacts:nofiscalimpact.thesemeasureswillensureamoreefficientand effectivetaxcollectioninthecountry Administrative,Dispute,Settlement,on,property,taxation,, a.currentsituation:localtaxagenciesexperienceahighriskoflossesonpropertytaxationcasesdue tostatutesoflimitation.thishascreatedincentivesfortheuseofrepeatedadjournmentsofauditsin ordertoevadetaxes.thisisturnhasledatoalargeaccumulationofcasesinthedisputeresolution unitandtheadministrativecourts. b.proposedmeasures:completionofthesecasesbymeansofstreamlinedspeedyprocedures. ThispolicyisacomponentofEBASRJ6. c.responsibleauthority:doy d.timetable:fromjune2015through2016. e.quantificationoffiscalimpacts:from 50to 70millionin millionfrom2016onwards TechnicaldetailsofcalculationareavailablefromGSPR. 4. Other,Public,Revenue,Mobilization, 4.1. Cultural,Heritage, a. Current situation: Despite being a country with one exquisite cultural heritage, public revenues fromarchaeologicalsitesandmuseumsarelow.thereisscopeforincreaseofrevenuesfromcultural heritage,whilefullyrespectingitsprimarycharacterasapublic commongoodofpricelesssymbolic significance. b.proposedmeasures:anewticketingpolicybasedontraffic,culturalsignificanceandticketprices comparabletoothereucountrieswithfreeadmissiononsundaysonceamonthduringsummerand twiceormoreduringwinter(indicatively)andwithspecialtermsforspecificsocialgroups. 11

12 PotentialforonJsitepaymentviadebit/creditcardstogetherwiththeimplementationofeJticketing atarchaeologicalsitesandmuseums,throughaverylowcostcentralizedplatform,initiallyapplied tothe33mostvisitedmuseumsandarchaeologicalsiteswithextendedopeninghours. c. Responsible authority: Ministry of Culture, Education and Religious Affairs / Archaeological ReceiptsFund(TAP). d.timetable:june2015. e.quantificationoffiscalimpacts:increaseof 5to 10millionin2015.Increasesof 20millionfrom 2016onwards.TechnicaldetailsofcalculationavailablefromtheMinistryofCultureandTAP Regulation,of,e,S,gaming,(gambling), a.currentsituation:theannualonlinebettingtransactionsbasedonthecurrenttemporaryjlicensed OnlineGamingframeworkareestimatedtoexceed 1.5billion(excludingOPAPeJgamblingrevenue). Theoverallmarketofonlinegamblingisestimatedtoexceed 3billionannuallyandthetotalamount of illegal gambling accounts for 5 billion. TwentyJfour OGPs are operating under a temporary licensingstatus,andthegreekgovernmenthasbeenhithertounabletodefineaspecificfeevalueper License. b. Proposed measures: Charge feesfromthesaleoflicensestoonlinegamingoperators,forthe extension of temporary licensing of existing OGPs for a period of five years. Require an upfront paymentof 3millionforeveryOnlineGaminglicense.Thislicensingfeewillapplytoexistingorany additionalogps. Fees for the extension of a license after this 5Jyear period, based on actual market data, as describedbelow. IncreasingtaxableOnlineGamingRevenue,aseachlicensedOGPwillhavetopreJpayaminimum taxof 1millionperyearatthebeginningofeachfiscalquarter,irrespectivelyoftheactualvolume oftransactionsandwiththepossibilitythatothertaxesarewaived. c.responsibleauthority:ministryoffinance. d.timetable:q2of2015. e. Quantification of fiscal impacts: 125 to 175 million during the first 12 months of implementation. From that sum, 50J100 million would be derived from taxes and the remainder wouldbegeneratedbythe5jyearlicensefeespaidbythe24existingonlinegamingproviders( 72 million).technicaldetailsofcalculationavailablefromtheministryoffinance Public,tender/auctions,for,TV,licenses, a. Current situation: Since the introduction of private TV channels in 1990, television licenses/frequencies have been handed out on a permanently temporary basis at minimal rental fees.thisrepresentsanimportantuntappedresource. b.proposedmeasures:greekauthoritieswillmodifylegislationsoastoauctionoffthefrequencies. ThisprocesswilltakeplacefollowingtheOECDguidelinesonSpectrumTenderingProcesssoasto ensurefulltransparencyandefficiencyintheprocess. c.responsibleauthority:generalsecretariatofcommunications,ministryoffinance. d.timetable:q2of2015. e. Quantification of fiscal impacts: 350 to 380 million in Technical details of calculation availablefromtheresponsibleauthorities. 5. Privatizations, 5.1. Privatizations, a.currentsituation:theinitialgoalforrevenuesfromprivatizationswas 50billionbetween2011 and2016,witha 5billiontargetfor2011, 10billionfor2012and 5billionfor2013.Inpractice, proceedsfromprivatizationsamountedto 1.6billionin2011,norevenuesin2012and 1billionin 2013.SeldomhasaprivatizationprogramfailedsospectacularlyStill theeuandtheimf insistin predicting privatization proceed in the order of EUR 22.3 billion 22.3 billion (by 2020). The Greek Government considers this target unrealistic, as investors interest is low, and competition among bidders is weak. Moreover, the previous privatizations were carried out amateurishly, and with 12

13 contractsthatwerelegallyinsecure,theresultbeingthatmanyofthecompletedprivatizationswere nulledbythecourtsofeurope scompetitioncommission. b.proposedmeasures:thegovernmenthasalreadybeguntoplaceprivatizationsonasoundbasis, both legally and in terms of incorporating them into a broader development plan. HRDAF managementhadbeenrevampedandthetenderprocessthatwasinterruptedbytheelectionshas been rejstarted, e.g. in the case of Port Authority of Piraeus. Broadly, the government intends to consider privatizations on a casembymcase basis with a view to maximize the state s longjterm benefits, guarantee minimum investment levels by the successful bidders, generate revenues, enhance competition, secure minimum working conditions for employees and promote economic recovery.thenewhradfmanagementiscommittedtocomplywiththefollowingcriteria: Allexistingcontractswillbehonored. Alltheproceduresthathavestartedaregoingtocontinue. TheStateisgoingtouseallthelegaltoolsavailableinordertonegotiateinfavorof: o Anequitystakeforthestateintheprivatizedcompany,towardshelpingwiththe longtermfinancingofsocialsecurityfunds. o Minimumlevelsofinvestmentbythesuccessfulbidders. o Minimumprotection,termsandconditionsforemployees. o Measuresthatenhancethelocaleconomies. c.responsibleauthority:hrdaf,respectiveministries. d.timetable:ongoing e.quantificationoffiscalimpacts:totalrevenuesfromprivatizationsin2015areestimatedat 1.5 billion 6. Public,Finance,Management, 6.1. Revenue,Administration,Reform, a. Current situation: Public financial management and revenue administration institutions/mechanisms lack credibility. Consequently, budget execution is substandard and tax evasionisencouraged. b.proposedmeasures:forthepurposesofmonitoringeffectivelytheexecutionofthegovernment s budget,aswellastoassesindependentlythebudgetsprojections,thegovernmentcommitstomake operational the Fiscal Council in accordance with the provisions of Regulation 432/2013. The procedurehasalreadybeenoutlinedundertheprovisionsoflaw4270/20144whichcurrentlyexist onpaperbutnotinpractice.tostrengthenitsfunction,saveonresourcesandavoidduplication,the FiscalCouncilwillbeunifiedwithParliament sownofficeforthestatebudgetandwillbeencouraged tocollaboratewiththegovernment scentreforeconomicresearch. TheGreekauthoritieswillcollaboratecloselywiththeOECDinordertoimprovepublicfinancial management.thisincludescollaborationintheelaborationofspendingefficiencyreview,aswell asanactionspecificupdateofgreece sbudgetreview. TheMinistryofFinancehasidentifiedasetoftwocomplementarymeasurestoaccomplishthis policygoal.thedetailsoftheseinitiativesarereadilyavailablefordiscussionwiththeinstitutions. ThispolicyisacomponentofEBASRJ5. c.responsibleauthority:ministryoffinance d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts:nofiscalimpact.improvementintheefficiencyandtransparency ofthepublicsector Enhancing,monitoring,and,control,of,Public,Finances,S, Reconciliation,of,payments,to,and,from,the,Public,Sector,, Citizen,Points, scheme, a.currentsituation:despiterecenteffortstoimprovemonitoringandcontrolofpublictendersand procurement,theresultsremainmixed.moreneedstobedonetotracevendorfinancingandcartelj likebehaviorintheprocurementprocess. b.proposedmeasures:restorationandexpansionofthe Diavgeia system:diavgeiawassidelined by the previous government and will now be restored and expanded in order to include all 13

14 documentation on Decisions on Expenditure in open formats (as opposed to current closedj format documents)forfurtherprocessingandmetajanalysis. Centralregistryforpayments:EachpaymentrelatedtopublicexpenditureacrosstheGovernment willhavetobesubmittedtoacentralregistrythatwillincludedetailssuchasthebeneficiary,time stamps, descriptions, categories, related project tenders, who authorized the payment etc. The central registry will then issue a code of validation that will allow for the release of the correspondingpayment.thedatainthecentralregistrywillbeavailableasopendata. CitizenPoints scheme:citizensthatfulfilltheirtaxobligationsoranypaymentstothestateon timewillbecollecting citizenpoints.failuretomeetpaymentdeadlineswillleadtosubtraction of citizenpoints.basedonthisscheme,thegovernmentwillbeprovidingincentivesintheform of,forexample,taxreductionsorpriorityservices. ThispolicyisacomponentofEBASRJ5. c.responsibleauthority:generalaccountingoffice,ministryoffinance. d.timetable:q e.quantificationoffiscalimpacts:nofiscalimpact.improvementintheefficiencyandtransparency ofthepublicsector Public,Procurement, a.currentsituation:thesystemofpublicprocurementingreecesuffersfromachronicproblemof transparencyandinefficiencyregardingtheallocationofresources.oneofthemainproblemsisthe complexityofthelegalandinstitutionalframework.recenteudirectives(23and24/2014)includea specificinstitutionalframeworktoaddresstherisksderivingfrompublicworkconcessioncontracts. b.proposedmeasures:introducethelatesteudirectives(24and25/2014)inthelegalsystemand amendthelawaccordingly. Testtheimplementationofthenewlawinspecifiedfieldsasawaytotackleadministrative inefficienciesandsecurityhazards. TheMinistryofEconomyhasidentifiedasetof3complementaryreformstoaccomplishthispolicy goal.thedetailoftheseinitiativesisreadilyavailablefordiscussionwiththeinstitutions. ThispolicyisacomponentofEBASRJ5. c.responsibleauthority:ministryofeconomy. d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts:180millionin2015.technicaldetailsofcalculationareavailable fromtheministryofeconomy Electronic,Payments,, a. Current situation: According to available statistics, Greece s shadow economy exceeded 24% of GDP in Although B2B transactions above 500 and B2C transactions above 1500 must currently be paid via bank or payment accounts held in Payment Service Providers, the current legislativeframeworkisnotdeemedfullysuccessfulinbattlingtheshadoweconomy.bestpractices acrosseuropehaveyettobeadopted. b. Proposed measures: The Greek Government will utilize ERDF funds in order to finance the widespreadadoptionofposacrossallbusinesssectorsandprofessionals.theaimwillbetomake electronicpaymentsthroughposcompulsory,especiallyattheprofessionalservicessector. Notaxes,fines,oranyothersortofpaymenttotheGovernment(centralorregional)orDEKOwill beallowedtobepaidincash.cashpaymentswillonlybeacceptedatrepresentativesofpayment ServicesProvidersandBankbranches,andwillthereforeberegistered. The Ministry of Finance has identified a set of 4 complementary measures to accomplish this policygoal.thedetailoftheseinitiativesisreadilyavailablefordiscussionwiththeinstitutions. c.responsibleauthority:ministryoffinance,gspr. d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: 200to 266millionin millionfrom2016onwards. TechnicaldetailsofcalculationareavailablefromtheMinistryofFinance. 7. Public,Administration, 14

15 7.1. Public,Administration,Reform, a.currentsituation:publicadministrationremainsinefficient.bureaucracyandcorruptionarewellj known issues. Numerous infringements of the European regulatory framework lead to sanctions whichconstituteanadditionalburdenonpublicfinances. b. Proposed measures: Existing staff will remain in service, but positions will be rejorganized according to the needs of the departments, with a detailed description of the position and its responsibilities. TheGovernmentisplanningthefulldigitizationofallservicesandprocedures,withhorizontal linkswithallministries,aswellasbanksandlargeorganizations.administrativeprocedureswill besimplifiedinordertoaddressoverjregulation. The Ministry of Administrative reform has identified a set of 17 complementary measures to accomplishthispolicygoal.thedetailoftheseinitiativesisreadilyavailablefordiscussionwith theinstitutions. c.responsibleauthority:ministryofadministrativereformandejgovernance d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: Currently under study by the responsible authority. These measureswillensureamoreefficientandtransparentpublicadministrationinthecountry Enhancing,compliance,with,EU,legislation, a.currentsituation:eventhoughgreeceisatopjtwoperformerwithintheeuj28regardingthe transpositionofeulegislationintonationallaw,thisrecordissulliedbypoorenforcement performance.thesanctionsimposed(monetaryfines)constituteanadditionalburdenonpublic finances,especiallyunderthecurrentfiscalposition. b.proposedmeasures:creationofasinglemonitoringandcoordinatingunitforeulegislation infringements,whichwilloperateasauniquereferencecenterandwillprovidecertainprocedure guidelinesandspecificmeasurestobeadoptedbyeachcompetentauthority. c.responsibleauthority:generalsecretariatofcoordination,ministryofstate d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: 200millionin billionfrom2016onwards.Technical detailsofcalculationareavailablefromresponsibleauthority. 8. State,Owned,Enterprises, 8.1. Comprehensive,government,strategy,for,SOEs, a. Current situation:thegreekgovernmentownsasignificantnumberofstatejownedenterprises (SOEs) and Legal Entities. In spite of some positive developments as regards financial monitoring during recent years, the lack of a comprehensive government ownership strategy hinders the introductionofreformsthatwillraiseoperationalefficiencyoftheseorganizations. b. Proposed measures:enhancement of monitoring and evaluation procedures of SOEs and legal entitiesbyimprovingproceduresconcerningstrategicandbusinessplansofsoes(i.e.articles5and6 oflaw3429/2005)andbringtheminlinewitheuropeanbestpractices. In depthjreview of SOEs and legal entities (assessment of current missions according to present economicandsocialsituationandchallenges,potentialeconomiesofscaleandsynergiesbetween SOEs,jointprojectswithprivateinvestors,fullinvestigationofcorruptionissues,etc.). TheInterJgovernmentalCommitteeforSOEshasidentifiedasetof4complementarymeasuresto accomplishthispolicygoal.thedetailoftheseinitiativesisreadilyavailablefordiscussionwiththe institutions. c.responsibleauthority:interjgovernmentalcommitteeforsoes,ministryoffinance. d.timetable:fromjune2015through2017. e. Quantification of fiscal impacts: No fiscal impact for million from 2016 onwards. Technicaldetailsofcalculationareavailablefromresponsibleauthority. 9. Business,Environment,&,Competition, 15

16 9.1. Company,licensing,reform, a. Current situation:the new business licensing legislation (4262/2014, followed by 2 relevant ministerial decisions) has proven instrumental in improving the existing framework, yet in a fragmented way. Indeed the objective is to establish a clear concrete and predictable legislative frameworktosupportbusinessactivityandsafeguardthepublicinterestviacorrectiveinterventions. Admittedlythecurrentimprovedlegalandregulatoryframeworkhashelpedcreateatransparentand comprehensive licensing system streamlining the process and encouraging business activity. However, amendments to the law s provisions are deemed necessary to address pending issues (detailedbelow). b.proposedmeasures:amendrelevantprovisionsregardingjudicialdecisionstosafeguardthepublic interest. Revise and implement an enhanced and concrete categorization of firms, coupled with the introductionofnecessarysecondarylaw(presidentialdecreesandministerialdecisions). c. Responsible authority: Ministry of Economy, Infrastructures, Maritime Affairs & Tourism MinistryofProductionReform. d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: No fiscal impact, given the administrative character of the measure Business,Service,Centres, a. Current situation: Localauthorityandpublicsectoragencybureaucraticproceduresaredeemed highly inefficient.key issues include the highly fragmented public service structure, overlapping scopeofoperation,thevastrangeandcomplexityoftheexistingregulatoryframeworkandthelack ofinteroperabilityinterfaceacrossitsystemsandregistries. b.proposedmeasures:introducebusinessservicecentresasasinglepointofcontactforallbusiness specific transactions with public authorities, spearheaded to reduce the administrative burden, streamlinerespectiveprocedures,encouragebusinessactivityandincreasecompetition. c. Responsible authority: Ministry of Economy, Infrastructures, Maritime Affairs & Tourism UniformIndependentPublicContractAuthority. d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts:theresponsibleauthorityiscurrentlyundertakinganassessment ofthepotentialcosts,ifany,ofthismeasure NSRF,Reforms, a.currentsituation:theinadequatecapacityofnationalandregionalpublicinstitutionsinlongand mediumjtermdevelopmentplanningprojectsisdocumentedasthekeyobstacleinutilizingeuropean StructuralFunds. b.proposedmeasures:theproposedreformsconsistsoffourcomprehensivemeasurestoensurethe efficient management and allocation of resources, combat corruption, monitor key objectives and coordinatecorrectiveactions.indeedcomprehensivemeasurestoimprovetheplanning,designand execution of the public works process coupled with the upgrading of the public procurement monitoring system will be introduced. Further the consolidation upgrading of significant intermediarymanagingbodiesisalsodeemedimportant. c.responsibleauthority:ministryofeconomy,infrastructures,maritimeaffairs&tourism. d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts:theresponsibleauthorityiscurrentlyundertakinganassessment ofthepotentialcosts,ifany,ofthismeasure Enhanced,Property,Rights,legal,certainty,, a. Current situation: The highly complex and often conflicting PR legislation creates a sense of uncertaintytopotentialorexistinginvestorshenceunderminingthevalueofpropertyrights.indeed, thelegitimacyofseveraldevelopmentprojectshasbeenquestionedatbotharegionalandlocallevel as the relevant planning decisions and controls were predominantly controlled by the highly centralizedstate. b.proposedmeasures:threedistinctmeasureshavebeenproposedtointroduceacomprehensive planningprocessbackdropacrossallgovernmentlevelsincludinglocal,urban,regionalandnational. 16

17 Further,theLandUselegalframeworkwillberevisedsoastoestablishdistinctcategoriesforboth urbanandruralproductiveandnonjproductiveareas.thesecategorieswillbemoderatelyflexibleto facilitate the integration of development schemes within the existing planning and environmental protectionprovisions. c.responsibleauthority:ministryofproductionreform,environmentandenergy. d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts:nofiscalimpactbasedonpreliminaryassessmentsmadebythe responsibleauthority Strengthen,the,Hellenic,Competition,Commission, a. Current situation: The current legal framework and overall institutional setjup (revision of Competition Act (Law 3959/2011) and adoption of a new Presidential Decree governing the HCC s organization) leaves much to be desired visjàjvis the enhanced advocacy role of the HCC with reference to EU best practices. However, implementation needs to be strengthened to enable the HCCtoproperlyperformitsconsultativefunctions. b.proposedmeasures:transferofexpertsfromothergovernmentaldepartments. Ahiringprocessforthevacantpoststhroughaspecializedrecruitmentcompetition(supervised byasep,aswithallspecializedscientificpersonnelofthehcc)shouldbelaunched. HCC sowntraininginthecontextofitsstandardcooperationwiththeoecdandtheeuropean Competition Network, should be sufficient to support the HCC s sustained involvement in the mediumandlongerterm. c.responsibleauthority:hcc,ministryofeconomy. d.timetable:fromjune2015through2016. e. Quantification of fiscal impacts: No fiscal impact, given the administrative character of the measure Coordination, of, National, Cadastre, mapping, process, with, the, Property,Registry,, a. Current situation: The National Cadastre is scheduled for completion by Provided all stakeholders maintain momentum throughout the data compilation process, a comprehensive updated e land registry will be fully operational in less than five years. It is worth noting that the projectisselffundedwhilstconsiderablecostcontainmentbenefitsareanticipated(furtherdetails areavailableuponrequest). b. Proposed measures: Proposedactionsincludetheelectronicsubmissionandregistrationofland plotsbyallownersunderaunifiedcampaignandcorrelationofpropertyrightsagainstncmas.a. photojmaps. The simultaneous land and property registry in one single procedure will significantly reducethenationalcadastreproject(estimatedbyupto30%)whilstalsosourcingrespectivefunds. c. Responsible authority: Ministry of Production Reform, Environment and Energy NationalCadastreandMappingAgencyS.A.,(NCMAS.A.). d.timetable:fromjune2015through2017. e. Quantification of fiscal impacts: No fiscal impact, given the administrative character of the measure. 10. Addressing,Critical,Deficiencies,of,the,Banking,Sector, a. Current situation:thegreekbankingsectorhasbeenmarredbyclientelism,bytooclosealink with the mass media and the political systems (through the provision of loans on non banking principles)and,lastly,bylendingpracticesthatwereeithertootightortooloose.theeconomiccrisis hasinadditioncreatedavastamountofnplsthatimpedescreditcreation. Proposed reform strategy:broadanddeepstructuralreformsaimedatensuringfinancialstability, appropriate credit expansion and governance that constitutes a significant departure from suspect practicesoftherecentandnottoorecentpast.thegreekgovernmenthasplannedabroadreform programmeinordertoaddresscriticaldeficienciesofthebankingsector,throughtheestablishment of strong institutions and the introduction of solid processes for the functional supervision of the banks that ensure financial stability, a robust banking sector and banks that are run on sound 17

18 commercial banking principles. Dealing with the very high levels of NPLs is a top priority for consolidating the banks and restarting the economy. The government wishes to explore the possibility,inconjunctionwiththeinstitutions,ofacapitalassetmanagementcompanytobecreated towardsdealingwithnplsutilizingtheremainingbufferofthehfsf Safeguarding,banking,system s,stabilization,and,liquidity,, b.proposedmeasures:thegreekauthoritieswillhaveaclosercooperationwithhfsf,bog,ssmand ECBinordertoestablishastrategicframeworktostabilizebanks depositsandensuringthestable provisionofcredittotheeconomy. c.responsibleauthority:ministryoffinance. d.timetable:june2015. e. Quantification of fiscal impacts: No fiscal impact given the administrative character of the measure Enhancing, the, independence, and, the, potential, of, the, Hellenic, Financial,Stability,Fund, b. Proposed measures:closecollaborationwiththessm,theecbandtheeuropeancommissionso astoensurethatitplaysitssignificantandcrucialroleinsecuringthebankingsector sstabilization, whilecomplyingwitheucompetitionrules,throughanamendmentofitsfoundinglaw(3864/2010). TheGreekauthoritieswilldiscussappropriatewaysfor: utilizationofthehfsf sparticipationinthebankssoastostabilizethevalueofitsshares. creationofanassetmanagementcompanyusingthehfsf sbuffertodealwithnpls. ThispolicyisacomponentofEBASRJ6. c.responsibleauthority:ministryoffinance,hfsf. d.timetable:june2015. e. Quantification of fiscal impacts: No fiscal impact, given the administrative character of the measure Strengthening,the,role,of,the,Bank,of,Greece, b.proposedmeasures:thecorecompetenciesofthebog,besidesmonetarystability,shouldinclude theprotectionofoperatorsandconsumersagainstprovidersofbankingproductsandservices.inthis context the extrajjudicial settlement of disputes and requests can be made by the Bank of Greece throughtheestablishmentofanappropriateinternalstructure. ThispolicyisacomponentofEBASRJ6. c.responsibleauthority:ministryoffinance,bankofgreece. d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: No fiscal impact, given the administrative character of the measure Discussion, on, the, necessity, of, setting, up, a, National, Competent, Authority,(NCA), b. Proposed measures:thegreekauthoritieswilldeliberatethenecessityofsettingupanational CompetentAuthority(NCA),whichincooperationwithexistingoversightbodieswillbeinchargewith thesupervisionofbankingsector,insurancecompaniesandother investmentcompanies. ThispolicyisacomponentofEBASRJ6. c.responsibleauthority:ministryoffinance. d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: No fiscal impact, given the administrative character of the measure Contribution,of,the,banking,system,to,fighting,tax,evasion, b. Proposed measures: Greek authorities will establish a comprehensive strategy, alongside policy measuresinotherareasincludedinthisdocument,toimproveinformationsharingandcooperation betweenbanksandtaxauthoritieseffectivelytoaddresstaxevasion. ThispolicyisacomponentofEBASRJ3. 18

19 c.responsibleauthority:ministryoffinance. d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: No fiscal impact, given the administrative character of the measure Best,practices,to,tackle,NPLs, b.proposedmeasures:thegreekauthorities,withthetechnicalassistanceoftheinstitutionsandthe cooperation of domestic banks, will set new specific criteria for the arrangement of the NPLs problem, ensuring social fairness (e.g. disposable income, level of personal wealth etc.) and protecting the first (only) residence of households under certain conditions, while advancing the processofconsolidationofbankbalancesheets. ThispolicyisacomponentofEBASRJ6. c.responsibleauthority:ministryofeconomy. d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts:theresponsibleauthorityiscurrentlyundertakinganassessment ofthepotentialcosts,ifany,ofthismeasure Establishing,a,National,Development,Bank,or,Institution, b.proposedmeasures:inordertofacilitatefinancingofdevelopmentalprogrammesandsmes,the GreekgovernmentplanstosetupaDevelopmentBank(DB).TheDBwillplayasubstantiverolein Greece with regard to the Investment Plan for Europe and the European Fund for Strategic Investments (EFSI), taking part in appropriate investment schemes (projects, platforms, etc.). The establishmentofthedbwillconsolidatealltheactivitiesofthefragmentedexistingdevelopmental entitiessuchastpkd,etean,taneo,greenfund,etc.theobjectiveistoestablishanationalentity alongthefootstepsofothersuccessfuleuropeaninstitutions,suchaskfw. c.responsibleauthority:ministryofeconomy,ministryoffinance. d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: Nofiscalimpact,giventhemeasurewillinvolvetheuseofthe availablecapitaloftheentitiesinvolved Developing, a, new, institutional, framework, to, reform, and, broaden, the,network,of,cooperative,and,regional,banks, b.proposedmeasures:drawuponinternationalexperienceonmutual,cooperativeandregional creditinstitutionsinordertocreatecompetitioninthefinancialsector,harnessliquiditylocally,and providesaversandborrowerswithalternativeformsofp2pandb2bfinance. c.responsibleauthority:ministryofeconomy,ministryoffinance. d.timetable:junethroughh2of2015. e. Quantification of fiscal impacts: Nofiscalimpact,giventhemeasurewillinvolvetheuseofthe availablecapitaloftheentitiesinvolved. 11. Energy,&,Environment, Comprehensive,Energy,Reform, a. Current situation: Installed capacity safeguards sufficient supply but at the same time, a large section of the population and of business lacks the resources to tap into this energy supply. Additionally,newRESinstallationshavestalledinthelasttwoyearsduetoaburstofthe PVbubble, whilethepaymentstotheproducersarelagging,thuscreatingaveryseriousdeadlocktothemarket. b. Proposed measures: The government, in full compliance with EU s 3 rd Energy Package, will introduceanewschemeofnetmeteringfortheconstructionofnewresinstallationsinpublicand privatebuildings.thiswillreplacethecurrent,economicallynonjviablefitscheme. Theenergycostschemeswillbereviewedtoadapttothecurrenteconomicandsocialneedsof the crisis. This includes the alleviation of energy costs for most vulnerable households and reduction of energy costs for production units/businesses, which meet certain environmental/labour/productioncriteria. 19

20 Continuation of the current tender process for 20 gas and oil exploration fields, according to internationalstandards. c.responsibleauthority:ministryofproductionreform,environmentandenergy d.timetable:fromjune2015throughjune2016. e.quantificationoffiscalimpacts:theresponsibleauthorityiscurrentlyundertakinganassessment ofthepotentialcosts,ifany,ofthismeasure Forest,Legislation,Reforms, a.currentsituation:greece naturalenvironmentisdeterioratingduetofreejriderissues,alackof spatial planning, unplanned tourist development, abandonment of forest husbandry, issues in the managementofprotectedareasetc. b. Proposed measures:developmentofforestmapstosafeguardpublicpropertyinthecontextof theforeshadowedforestregistry. The management of natural land ecosystems can be under one vertical Forest Service staffed withalltheappropriateexperts. Reform in the management system of protected areas with the adoption of national goals and action plans for biodiversity, forest cover, restoration of substandard forests, grasslands and soil protection. c. Responsible authority: Ministry of Production Reform, Environment and Energy, Rural Development. d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts:nofiscalimpactbasedonpreliminaryassessmentsmadebythe GSPR. 12. Judicial,Reform, Comprehensive,digital,strategy,for,the,judicial,system, a.currentsituation:thepromotionofejjusticeapplicationsatalllevelsofthecourtsisatoppriority forthegovernment.theuseofsystemssuchasthedigitizationofarchivesandejmediationplatforms willincreasetheefficiencyofthelegalsystemofthecountry.thiswillhelptoreducethebacklogof casesthatthesystemcurrentlyfaces. b. Proposed measures: Introductionofanelectronicplatformformediationinjusticebasedinthe designandimplementationofasystemforthedigitalrecord,storageanddistributionoftheminutes of meetings in all Courts of the country, as well as digitization of unjexecuted decisions and informationcontainedinthenationalcriminalrecord. Reviewandsubmissiontotheparliamentoftheexistingdraftofcivilprocedurecodeaimingat the acceleration of the civil process and the effective enforcement of judicial decisions. The MinistryofJusticehasidentifiedasetof4complementarymeasurestoaccomplishthispolicy goal.thedetailsoftheseinitiativesarereadilyavailablefordiscussionwiththeinstitutions. ThispolicyisacomponentofEBASRJ7. c.responsibleauthority:ministryofjustice. d.timetable:junethroughh2of2015. e.quantificationoffiscalimpacts: 70milliononexpenditures.Technicaldetailsforthiscalculation areavailablefromresponsibleauthority., 20

Dear President of the Eurogroup,

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