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Greece EU VAT bail out dispute

  • Dec 14, 2016 | Richard Asquith

Greece EU VAT bail out dispute

Greece announced this week that it would not proceed with a planned VAT raise on certain holiday islands. The austerity measure has been agreed with major debtors of the country as part of a bail out programme stretching back to the Euro crisis.

In addition to the VAT increase delay, the government also announced a one-off payment to pensioners.  The two measures have meant that creditors have reacted with a pause on short-term debt relief.

Greece raises VAT on island

From 1 January 2017, Greece had planned to withdraw the 30% VAT rate discount from the last group of holiday islands.

The islands included are: Lesvos, Chios, Samos and Kos.

The discount was given from the mainland standard VAT rate to help curtail reducing population rates on the remote islands.  The standard VAT rate in Greece is 24% since June 2016.

 


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Researching Greek VAT legislation is the first step to understanding your VAT compliance needs. Avalara has a range of solutions that can help your business depending on where and how you trade. 

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is the former VP Global Indirect Tax at Avalara