Greece announces additional measures to support the economy

Greece announces additional measures to support the economy

The Ministry of Finance of Greece has published information on its four-phase plan to support the economy. We present to your attention the key points:

1. Employment support will be extended;
2. Suspension of payment of tax arrears for the month of June for closed enterprises and enterprises in the field of tourism, catering, transport, culture and sports;
3. 40% rent reduction for affected businesses extended to June. In addition, this will affect the sectors of tourism, catering, transport, culture and sports for July and August;
4. Assistance to property owners who rent property to enterprises, including suspension of tax payments;
5. Reduction of advance tax payments for 2020 and 2021 for companies that showed a decrease in turnover in March, April and May 2020;
6. There are a number of reductions in the VAT rate, which include a reduction in the rate for certain types of supplies from 24% to 13% from June 1 to October 31, 2020.
7. The VAT rate on travel packages has also been reduced from 80/20 (80% at 13% and 20% at 24%) to 90/10 from June 1 to October 31, 2020; and
8. A tax deduction of 30% for R&D expenses will be increased to 100% for expenses incurred from September 1, 2020.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.