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Greece Announces Permanent Reduced VAT Rates for Certain Islands

Statement by the Minister of Finance Mr. Christos Staikouras regarding today’s decision of the Eurogroup, for Greece

“A Eurogroup meeting was held today.

Among other things, the 10th Enhanced Surveillance Report for Greece was discussed and evaluated positively.
The immediate and effective response of the Government to deal with the pandemic and its economic consequences was recognized, once again, by all participants.

The promotion and implementation, despite the adverse conditions, of important reforms and structural changes, such as the reduction of taxes and insurance contributions, the completion of the “building” of the Minimum Guaranteed Income, the progress made in the utilization of the Hellenic, was welcomed. the activation of the prefecture for the settlement of debts and the provision of a second chance, the reduction of non-performing loans, the reform of objective values ​​and the new labor law.

At the same time, the submission of the coherent, mature and integrated National Plan of Recovery and Sustainability by our country was welcomed. A plan approved today by the European Commission and will be the springboard for the optimal utilization of resources, totaling 30.5 billion euros, corresponding to Greece from the Recovery Fund.

Also, after agreeing with the institutions, the Government’s proposal for the permanent reduction of VAT in 5 Greek islands (Chios, Leros, Samos, Kos and Lesvos) was discussed, as long as asylum seeker structures operate in them. A proposal which, next week, will be legislated.

The consequence of the above was the political decision to disburse the fifth package of Greek debt relief measures, amounting to 748 million euros.

The Government and its financial staff, utilizing the trust of partners, institutions, markets, investors, credit rating agencies and – primarily – Greek society, continue to design and implement policies that create the conditions for strong and rapid recovery and high, sustainable, smart and socially equitable development “.

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