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Greek Tax Hikes Begin To Take Effect

by Ulrika Lomas, Tax-News.com, Brussels

21 July 2015


Greece's Government has started implementing the demands of the EU refinancing deal, with a steep increase in rates of VAT.

For most goods and services, the rate of VAT has increased from 13 percent to 23 percent with effect from July 20, 2015. This applies to goods including sugar, coffee, beef, spices, oil for cooking, and salt. All prepared foods, including processed breads, and food and drinks served in restaurants and casual food outlets are also taxed under the new higher rate. Most staple foods, including pork and basic bread, have remained at the old rate.

Hotel accommodation is also affected, with a rise in rate from 6.5 percent to 13 percent. In addition, a scheme giving reduced rates on the Aegean Islands will be withdrawn with effect from October 1, 2015.

There has also been a slight decrease in the rate charged on books, newspapers, and medicines, from 6.5 percent to 6 percent.

TAGS: compliance | VAT rates | tax | value added tax (VAT) | fiscal policy | food | tax rates | Greece | tax reform | VAT compliance matters

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