Update – Greece Extends VAT Reduction for Five Islands to June 2020

The Greek Public Revenue Authority (AADE) has announced the publication of a decision in the 23 December 2019 edition of the Official Gazette that extends the 30% reduction of the standard VAT rates for the islands of Chios, Kos, Leros, Lesbos, and Somos to 30 June 2020. Without the extension, standard VAT rates would have applied from 1 January 2020. The five islands are the last islands eligible for the VAT reduction, which has been phased out for other Greek islands as part of Greece’s bailout agreement with the EU and the IMF. Unless a further extension is approved, standard VAT rates will apply for the islands from 1 July 2020.

Note – A prior article indicating an extension to 31 December 2020 has been corrected to reflect the published decision.

Source Orbitax

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