Greek parliament approves tax overhaul

Greece's parliament on Wednesday approved a sweeping tax overhaul designed to maximise the cash-strapped country's revenue as it battles an unprecedented debt crisis. "The tax bill has been approved by a majority," acting parliament speaker Grigoris Niotis said, giving a final tally of 158 votes in favour and 126 against.
Terming the new tax system "a revolution," Prime Minister George Papandreou said the country needed to scrap wasteful spending practices to have a hope of getting its economy back on track.
The new tax system outlaws all major business transactions conducted in cash, prescribing instead the use of credit cards and urging consumers to collect receipts in an effort to stamp out tax evasion that costs the state an estimated 10 billion euros (13.4 billion dollars) a year. It also spells an end to special tax regimes enjoyed by several professional classes including taxi and truck drivers, civil engineers, camping operators, doctors and athletes. Many of the targeted classes have begun opposition strikes and protests.