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Greece Bailout Deal Agreed

by Ulrika Lomas, Tax-News.com, Brussels

16 July 2015


Greek lawmakers have approved the terms of the fiscal consolidation deal agreed with the troika of international lenders.

According to information released by the European Commission, Greece will retain a three-tier VAT regime. The standard VAT rate will remain at 23 percent, with two lower rates of 13 percent and six percent to be levied on narrower bases. Concessionary VAT rates for most Greek islands will be phased out by the end of this year.

Greece will be required to make a number of improvements to tax administration, including through more stringent legislation on tax evasion, and the nation will hike the corporate tax rate to 28 percent.

TAGS: compliance | tax | European Commission | value added tax (VAT) | sales tax | tax compliance | banking | corporation tax | Greece | tax breaks | tax reform | Europe | Other | Tax | Tax Evasion

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