News
Greece extends again temporary reduced VAT till 31 Dec 2022
Summary
Greece has lately announced a third extension of the temporary cut in the reduced Value Added Tax rate on certain goods from 24% to 13%. The rate will now not return to normal until 31 December 2022 from current information.
The VAT cut was first implemented on 30 June 2020, and was designed to reverse in April 2021. It was since extended to 1 October 2021 and then for the second time till 30 June 2022.
The latest extension states that the reduced rates will apply until 1st of January 2023.
Let's find out in the following what are the affected supplies.
Content
The affected supplies are the following:
– coffee;
– transport;
– non-alcoholic drinks;
– cinemas;
– gyms and dance schools; and
– tourism packages.
The continuation of the tax subsidy, originally introduced due to the COVID-19 emergency, is now blamed on an expected rise in food and power costs amid higher international prices for transportation, raw materials and energy.
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