Greece's parliament OKs new taxation legislation

The law approved with the support of all partners in the country's three-party ruling coalition shuffles and simplifies tax scales, reforms family benefits, increases taxation of deposit interest and expands the tax base to include groups such as low-earning farmers.

It brings in a new top tax rate of 42 percent for Greeks earning more than 42,000 euros (US$56,000) a year. The previous top rate was 45 percent for incomes above 100,000 euros (US$132,000).

The conservative-led government argues that the new law will reduce the burden on salary-earners and pensioners making less than 25,000 euros (US$33,000) a year.

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