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Greece Announces Gas, Oil Exploration Tax Break

by Ulrika Lomas, Tax-News.com, Brussels

09 July 2014


Greek Energy Minister Yiannis Maniatis announced on July 1, 2014, a reduced tax rate for companies engaging in oil and gas exploration.

The move is intended to provide an incentive for companies to search for untapped hydrocarbon resources, which the Government hopes could reduce its reliance on imported fuel.

The tax on companies in the oil and gas exploration sector will fall from 40 percent to 25 percent, the energy minister said during a conference in London, where the Greek Government is meeting with industry giants to discuss an upcoming auction of exploration licenses.

TAGS: Energy | tax | energy | gross domestic product (GDP) | oil and gas | Greece

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