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Seven in 10 Greek firms report minimal or no profit in 2023

About 70% of Greek companies reported either no profit or earnings below the annual minimum wage in 2023, raising concerns over potential tax evasion and the credibility of the country’s post-crisis recovery, a public sector think tank said. The findings, based on corporate tax filings submitted in 2024, were released by the Hellenic Institute of […]

About 70% of Greek companies reported either no profit or earnings below the annual minimum wage in 2023, raising concerns over potential tax evasion and the credibility of the country’s post-crisis recovery, a public sector think tank said.

The findings, based on corporate tax filings submitted in 2024, were released by the Hellenic Institute of Public Administration. Of the 356,601 legal entities analysed—including S.A., O.E., E.E., E.P.E., and IKE companies—nearly three-quarters declared minimal or negative earnings.

According to the report:

134,103 firms (37.3%) posted losses,

80,279 (22.5%) reported zero profits,

37,691 (10.6%) declared profits of up to €10,000.

In total, 251,073 companies reported results suggesting income below the annual earnings of a minimum-wage employee.

A senior finance ministry official said just 30% of businesses appeared to be contributing significantly to corporate profitability, a figure that has triggered scrutiny within the Ministry of National Economy and Finance.

The ministry is examining the data for indications of systemic underreporting, with officials warning that discrepancies between tax filings and broader economic growth metrics may signal widespread concealment of profits.

Finance Minister Kyriakos Pierrakakis recently reiterated concerns over tax evasion, saying it “undermines social justice and deprives public services such as education, healthcare and infrastructure of vital resources.”

The findings come as a separate study by the Centre for Economic Policy Research (CEPR) ranked Greece as having the highest shadow economy in the European Union, accounting for 36% of GDP—more than double the OECD average.

The shadow economy includes undeclared labour, unregistered businesses and tax evasion. While reforms over the past two decades have aimed to promote transparency, Greece’s informal sector has expanded by 4% since 1999, the CEPR said.

Authorities have signalled that tighter enforcement and policy measures may follow to improve tax compliance and ensure economic growth translates into state revenue.

 

 

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