Demonstrators shout slogans during a protest in Athens, Greece, May 22, 2016. (Xinhua/Marios Lolos)

ATHENS, Dec. 27 (Xinhua) -- Greek taxpayers are obliged to pay some 4 billion euros (4.17 billion U.S. dollars) in taxes by New Year Eve, as outstanding debts to the state have soared to more than 94 billion euros by November, according to Finance Ministry data.

However, some recession-hit taxpayers seem unable to pay the full taxes within deadlines and apply for settlements to pay their debts in more installments.

To collect as much as possible to reach bailout targets, the Greek state has launched confiscation procedures for debtors.

According to official data, in the first 10 months of 2016, the procedures had been applied onto 108,729 debtors.

And another 1.6 million debtors are facing confiscation in early 2017 should they do not immediately settle their debts to the Tax office.

However, some debtors complained about the levies, saying they can not afford any more as they have been struggling to make ends meet amid seven-year austerity.

Many financial analysts also warned that Greek society has reached a breaking point due to over-taxation combined with salary, pension cuts and high unemployment rates.

Despite the levies, the country's tax evasion still exists.

According to a recent study conducted by the independent Greek research organization diaNEOsis, tax evasion in Greece is estimated range between 6 percent and 9 percent of the country's GDP, which means a loss of some 16 billion euros in taxes a year.

Experts as well as ordinary citizens urge the government to do more to address widespread tax evasion instead of adding more burdens on those who are trying to pay their share.

While mentioning the tax obligations due by Friday, the Hellenic Confederation of Commerce and Entrepreneurship (ESEE), which represents small and medium-sized companies in Greece, wishes in an e-mailed card to its members on Tuesday "Happy New Year with fewer taxes!"