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New tax measures introduced to cope with the Greek fiscal crisis
A series of new tax bills were submitted to the Greek Parliament on May 3 and 4 to facilitate the disbursement of the proposed financial aid to Greece. The most important tax provisions are examined by Zepos & Yannopoulos, Taxand Greece, in their latest newsletter.
New measures include:
- increase of VAT rates
- increase of excise duties
- increase of rates applicable to luxury tax
- imposition of a (one time) special tax on enterprises with profits over Euro 100,000 for income
earned in 2009 (fiscal year 2010)
- imposition of a special tax on TV commercials.
The draft tax bills are anticipated to be enacted within the week. These changes will affect businesses with operations in Greece. Measures should be taken to mitigate risk and moderate potential unforeseen costs.
These additional measures will make an impact on the Greek crisis but by how much they reduce the budget deficit remains to be seen...
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Download the latest analysis on these measures from Taxand Greece here: