In aiming to attract investments and foster its economy, the Greek government is preparing its new draft bill that will provide further reductions in taxes and social security contributions. Specifically, the new draft bill is expected to reduce to social security contributions paid by the employees as well as employers, to the corporate income tax rate and solidarity contribution fees as well as the annual business activity fees and tax advance payments. As a result of the Covid-19 anti-spread regime, the Greek government postponed the announcement of the final relieving measures to Autumn 2020.
However, for the maintenance of Greece’s competitiveness in the tourism sector through the offering of lower prices to consumers, it already adopted Law 4690/2020 relating to VAT reduction from 24% to 13%, with effect as of 1.6.2020 to 31.10.2020, for numerous products and services. Specifically, it reduced the VAT applied on non- alcoholic drinks and beverages, as well as on the following services:
- The exploitation of coffee shops, patisseries, restaurants, steakhouses, taverns and others alike (with the exception of alcohol drinks offered and entertainment centres like night clubs).
- Transport services of individuals and their luggage (airplane, train, ship, bus tickets etc)
- Cinema tickets
For further information or details please contact Maria Sarantopoulou, Chief Tax and Legal Advisor, at maria.sarantopoulou@eurofast.eu
Eurofast is a regional business advisory organisation employing local advisers in over 23 cities in South East Europe & Middle East (SEEME). The Organisation is uniquely positioned as one stop shop for investors and companies looking for professional services in South East Europe & Middle East.
Maria Sarantopoulou
Chief Tax & Legal Advisor
maria.sarantopoulou@eurofast.eu