Tag Archives: Value Added Tax

The Finance Ministry has extended the implementation of reduced Value Added Tax V.A.T. for five islands in the Aegean Sea for another six months. The five islands are these that have been receiving the largest migrants inflows. According to the Finance Ministry decision the reduced V.A.T. will be valid for …

Read More »

Greece’s Independent Public Revenues Authority has issued a circular with regards to the new decreased Value Added Tax that goes into effect as of Monday, May 20, 2019. The circular analytically describes the sectors affected by the decreased V.A.T. It affects hundreds of food items, catering services but also hotels …

Read More »

The Value Added Tax for coffee,tea and herbal teas will be reduced from 24% to 13% when sold in supermarkets, Greece’s Finance Minister Euclid Tsakalotos said on Tuesday. His statements come amid criticism that the V.A.T. reduction created a confusion and while the draft law is expected to be voted …

Read More »

Prime Minister, Alexis Tsipras, announced on Friday afternoon the suspension of hikes on Value Added Tax on the five islands hit by the refugee crisis. Stressing that he discussed the issue with European Commission President, Jean-Claude Juncker during his recent visit to Athens, Tsipras said that he received the green …

Read More »

 The European Commission has put Malta, Greece and Cyprus on notice of infringement proceedings for not levying the correct amount of Value Added Tax on the provision of yachts.  And some wonder why this when an identical system is used in France. This issue can generate major distortions of competition and …

Read More »

Five islands in the Eastern Aegean Sea will be exempted from the increase of the Value Added Tax that will go into effect as of 1.1.2018. The V.A.T. will remain at the same levels for the islands of  Lesvos, Chios, Samos, Kos and Leros as they have received the main …

Read More »

As if it was not enough that supermarket prices get higher each and every week, now new Value Added Tax hikes will skyrocket thousands of products – food items not excluded – and services making daily life even more expensive. According to a proposal made by the Greek government to …

Read More »

Debtors and creditors have agree on how Greece will collect €300 million on yearly basis from indirect taxes. Jumping from beef to private education the famous 23% Valuer Added Tax finally landed on Gambling and Wine. Creditors seek 300 million EUR per year and they don’t care where the money …

Read More »

Greek government took an important decision: to scrap the 23% Value Added Tax in private education and introduce gradually increasing VAT rates, while kindergartens and nurseries will be free of V.A.T as before September. According to Athens News Agency report Tuesday noon, the new rates will be: 0% for kindergartens …

Read More »

The wonderful world of Greek taxes labyrinth and its implementation. Remember the measure that scrapped the reduced Value Added Tax in six Greek islands? Less than two weeks after the implementation of the V.A.T. hikes and the total confusion prevails as to what rates to implement. The measure caused dozens …

Read More »

Alea jacta est. The Value Added Tax die is cast for the richest Greek islands that attract millions of tourists each year. Mykonos, Santorini, Paros, Naxos, Milos, Syros and Tinos are reportedly on the list prepared by the Greek Finance Ministry that will abolish the low V.A.T. rates. So far, …

Read More »

The Value Added Tax of 23% was decided to be imposed on private education schools and tuition centers in August as an “equivalent measure” so that the absurd 23% V.A.T. on beef and other meats would be cancelled. Obliged to relocate revenue measures due to creditors’ fiscal targets, Greece has …

Read More »

We normally call it a “horse trading”. But Greece makes the usual exception to the rule and invents a new term: The Beef Trading. In the hard and shrewd bargaining  with creditors, the Greek government achieved to lower the Value Added Tax of 23% to beef and beef products and …

Read More »

Now I am really angry! My face has turned red and grey smoke comes out of my ears and nostrils. My blood pressure has skyrocketed and I walk up and down in my flat like a maniac. I am about to explode – literally. But before that, I plan a …

Read More »

Greek government sent a 47-page long draft plan to the creditors on Monday. In the lost list of austerity reforms the government has among others: privatizations and early retirement,  debt restructuring and Primary Surplus 2015-2018, tax revenues, minimum wage and collective bargain. The signals from the country’s creditors were rather …

Read More »

Greece got really and deeply lost in Value Added Tax rates. Monday night Finance Minister Yanis Varoufakis announced his V.A.T. overhaul plan with two rates of 9.5% and 18% for cash payments and 3% “discount on V.A.T.” for non-cash payments. Once Tuesday broke in, the Greek Finance Minister saw his …

Read More »

Greek Finance Minister Yanis Varoufakis said it clearly Monday night on political program on private STAR TV. There will be a flat Value Added Tax of 18% for cash-transactions and a 3% discount – ie. 15% V.A.T. –  for payments with credit or debit card. He assured that “the low …

Read More »

I openly confess: despite the non-sstop austerity measures, the tax hikes and the strict income decreases that make living unbearable, Greece never stops from triggering a loud, healthy laughter. Maybe the government does it on purpose… you know… for psychological reasons. To make us laugh and forget our misery for a …

Read More »

Greeks are inventive, capable, and never run out of innovative ideas. Remember Odysseus from the ancient times? The gene of innovation is deep rooted in our DNA. And we don’t miss a chance to take advantage of it and turn it into real profits in the real world. The Greek …

Read More »

More than one month after the implementation of the increased Value Added Tax on catering items and beverages, the Finance Ministry issued an clarifying circular. It is the absurdity that only a Greek official can think of.  News portal NewsItdescribed a simple example: The Bougatsa, a pie made of puff …

Read More »