Greece Should Follow Bulgaria, Albania Tax Example - Steve Forbes

Business » FINANCE | March 14, 2012, Wednesday // 16:17| Views: | Comments: 0
Bulgaria: Greece Should Follow Bulgaria, Albania Tax Example - Steve Forbes Chairman and Editor in Chief of Forbes Media, Steve Forbes speaks during a media conference at the launch of 2011 Forbes Global CEO Conference in Kuala Lumpur, Malaysia, 12 September 2011. EPA/BGNES

Greece should follow the example set by neighbors Bulgaria and Albania and introduce a flat tax, according to Steve Forbes, 64-year-old publisher of the Forbes magazine-and-web empire.

"You take your neighboring countries like Albania and Bulgaria. They don't like to pay taxes there but several years ago they put in a 10 percent flat tax, very easy to collect, and those economies are growing," Forbes has commented on what he believes should be Greece's future tax policy.

"They haven't put in the pro-growth measures in Greece, much less real austerity in the government part so you get the worst of both worlds, an economy that's going under the tank," the former GOP presidential hopeful has added in an interview for Yahoo's The Daily Ticker blog.

According to Forbes, Europe is heading in the wrong direction on two fronts by allowing Greece to restructure its debts with private creditors in the manner it did, while doing nothing to foster growth needed to bring about more lasting recovery.

He believes that Greece's rescue fund will keep Europe afloat for so long, but without lasting reform, crises will return both in Greece and in other troubled countries like Portugal, Spain and Italy.

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Tags: greece, steve forbes, Bulgaria, Albania, flat tax, europe, debts, austerity
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