Greece sets one-off tax on 2010 corp. profits- bill

* Greece slaps one-off tax on 2010 corporate profits

* Tax will range from 4 to 10 pct

* To be voted into law by May 6

(Adds details, background)

ATHENS, May 4 (BestGrowthStock) – Greece will slap a one-off tax on
corporate profits this year under a three-year plan to cut its
deficits and secure EU/IMF emergency loans, based on draft
legislation the government submitted to parliament on Tuesday.

“The one-off contribution will be imposed on net profit …
at a rate of 4 percent for amounts up to 300,000 euros … and
10 percent for profits above 5 million euros,” an article in the
bill said.

The draft legislation on policy measures to activate the
support mechanism for Greece is expected to be voted into law by
Thursday in a fast-track process, the finance ministry said.

The three-year programme agreed with the European Central
Bank, the International Monetary Fund and the European
Commission will provide funding amounting to 110 billion euros
for the over-borrowed euro zone member.

The plan, which targets a fiscal adjustment of 11 percentage
points of GDP or 30 billion euros until 2013, includes a rise in
VAT, hikes in excise taxes on petrol, tobacco and alcohol and
cuts in public sector wages and pensions.

As regards the one-off tax on 2010 corporate profits, there
will be intermediate rates of 6 percent for amounts above
300,000 euros up to one million and 8 percent for earnings above
1.0 million up to 5 million euros.
Investment Research

(Reporting by George Georgiopoulos and Lefteris Papadimas;
Editing by Ron Askew)

Greece sets one-off tax on 2010 corp. profits- bill