Greece wants to cut reduced VAT rate
- 6 June 2014 | Richard Asquith
Greece has launched an ambition set of promises on lowering the rates of major taxes. This included cutting the reduced Greek VAT rate from 13% to 12%.
The Greek VAT rate increased twice during the financial crisis and is now 23%.
Many of goods previously categorised at the reduced rate were subsequently reclassified at the 23%, including restaurant services. However, Greece moved restaurant and tourism services back to 13% VAT.
The Premier, Antonis Samara, said corporation and income taxes will also be reduced to 15% and 33, respectively.