Greece decides no receipt - no pay

Greece on Friday submitted a new tax bill to parliament demanded by its international creditors to boost government income, dpa reported. The new bill will generate some 2.5 billion euros (3.2 billion dollars) in additional income annually, simplify the tax system and crack down on tax evasion. Eight tax brackets raging from 18 to 45 per cent will be replaced with three tax rates of 22 per cent, 32 percent, and 42 per cent for those with an annual income of more than 42,000 euros. The new bill, which was submitted to parliament hours after eurozone finance ministers agreed to release bailout loans for Greece, is part of measures demanded by the European Commission, the European Central Bank and the International Monetary Fund.