The economic staff is examining alternative scenarios to raise 1 billion euros in 2011 in order to avoid transferring products and services from the 11% VAT scale to the high 23% one.

Equalization of fuel oil and heating oil prices is the prevalent scenario. Special consumption tax on heating oil will not be lowered from October, 15 therefore its price will remain the same as fuel oil. In the meantime, figures of VAT revenues are optimistic as a 10.8% rise was recorded in August mainly from collection of VAT from businesses on islands.

Finance Ministry data indicate rise in VAT revenues in August, 65.96% in Santorini, 35.44% in Kalymnos, 37.8% in Milos, 26.6% in Mykonos, 42.76% in Naxos, 24,6% in Paros, 25% in Tinos, 51.89% in Paxous and 47.2% in Lefkada.