ocp192_en

European CommissionThe Second Economic Adjustment Programme for Greece. Fourth ReviewΡar /ΡageMoU2.1.7.iMoU2.1.7.iiMoU2.1.7.iiiMoU2.1.7.ivMoU2.1.7.ivMoU2.1.7.ivAction Deadline Comments StatusThe Authorities: i. will propose a plan to prepare theremaining (not in the privatisation pipeline) real estateassets owned by the Hellenic Republic, and managed byETAD, for securitisation or direct privatisation. Currentlysome 80,000 public properties are under the managementof ETAD. Additional properties are under management bydifferent ministries. The status of these properties in manyinstances is unknown, or unverifiable. This implies wasteand limits possibilities for developing public property andderiving income from it. This plan should contain analysisof the status of properties and the steps needed to quicklyprepare properties for exploitation by the State.Contextually and based on this plan, ETAD will presentproposals to improve the governance, effectiveness andability to carry out these tasks by ETAD, to be completedin stages according to the plan.The Authorities will bring all remaining (non-operational)properties (e.g., those under the Ministry of Defence,Agriculture) under the management of ETAD.The Authorities will prepare a first progress report by June2013 on the numbers of properties by Ministry/PublicEntity, the nature, state and of these properties andproviding detailed information, where applicable, to itscurrent use;The Authorities will prepare a second progress report withthe number of properties already transferred to ETAD.The Authorities will prepare a third progress report withthe number of properties already transferred to ETAD.November2013November2013December2013June 2013August 2013October 2013The final action plan, that includes EC/ECB/IMF'scomments, was approved by ETAD's Board.The final action plan, that includes EC/ECB/IMF'scomments, was approved by ETAD's Board.2About 2.000 non-operational assets out of 16.000properties that were identified were brought underthe management of ETAD. The remaining 14.000operational real estate assets consist of 2.500archaeological areas/sites, 4.000 of traininfrastructure (GAIOSE), 1.800 offices of socialwelfare, 1.000 of defence and security services(army sites & police stations), 2.000 of MoH(hospitals) and 2.500 of Ministry of Education(Schools, Universities).Relevant progress report was delivered toEC/ECB/IMF at end-June which did not have acomplete directory with all Ministries' propertieswhich are barely or not at all exploitable so as to betransferred to ETAD for exploitation.A list was submitted to EC/ECB/IMF in November,with the assets per ministry that had been identifieduntil then.A list was submitted to EC/ECB/IMF in November,with the assets per ministry that had been identifieduntil then.Observed.Observed.Observed.N/AObserved.Observed.MoU2.1.7.ivMoU2.1.8MoU2.1.9MoU2.1.10MoU2.1.11MoU2.1.12The Authorities will prepare a final progress report withthe number of properties transferred to ETAD.The Authorities will ensure that there will be no transfer orwithholding of any real estate assets, without priorconsultation and agreement with the HRADF and theEC/IMF/ECB, to entities other than the HRADF, includingto municipalities and the recently established pension fundSPV or other dedicated legal entities, or until such time asthe assets necessary to supply the privatisation plan havebeen secured.The HRADF, drawing in particular from a report to beprepared by the ESM, will assess the possibility of raisingadditional revenues, or bringing forward future receipts,from the private sector, with a focus on internationalinvestors, by means of securitisation of assets, through theexploitation of assets not yet included in its privatisationplan and specified in paragraph 2.1.9.The HRADF will continue to be tasked with selling assetsas quickly and effectively as possible. In particular, therewill be no further political review once an asset has beentransferred to the HRADF.The HRADF will publish quarterly reports on its steps tofacilitate privatisations, financial accounts, including aprofit and loss statement, a cash flow statement, and abalance sheet, no later than 60 days after the conclusion ofevery calendar quarter.Securing privatisation receipts which, cumulatively sinceJanuary 2011, should be at least EUR 1.6 billion by end-2012, EUR 3.1 billion by end-2013, EUR 6.5 billion byend-2014, EUR 7.7 billion by end-2015, EUR 11.1 billionby end-2016.2.2 Tax policy reformMoU2.2.aMEFP(6)The Gonernment will adopt legislation to introduce a newIncome Tax Code that will simplify the existing law,increase its transparency, and remove ambiguities, whilstallowing easier administration, encouraging taxcompliance, and ensuring more robust revenue through thecycle. The new income tax code will reduce filingrequirements for pay-as-you-earn taxpayers and those whoreceive investment income, consolidate cross-bordermerger and reorganization provisions, and introduce antiavoidanceprovisions to combat international taxavoidance.January 2014 Final report was submitted on January 23rd, 2014 Observed.ContinuousContinuousContinuousQuarterlyContinuousPrior todisbursementOngoing procedure.Ongoing procedure.Ongoing procedure.Q3 2013 report was published in December 2013.Report for Q4/2013 was published on 12-3-2014.It is included in art. 1-72 of the Omnibus bill votedon 17/7/2013 (GG 167/A/23-7-13). A provision wasalso included (art. 46) exempting HRADF fromincome tax.Observed.Ongoing.Observed.Ongoing.Observed.Ongoing.Observed.Ongoing.Observed.80