CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Piraeus VAT Breaks To Foster Transhipment

Piraeus VAT Breaks To Foster Transhipment

by Ulrika Lomas, Tax-News.com, Brussels

01 March 2013


Major distributors that opt to use Greece's Piraeus port as a transhipment hub may soon be exempt from value-added tax, a new draft law submitted to parliament on February 28, 2013, proposes.

The plans have been drawn up to secure the business of Hewlett Packard, the computer manufacturer, which plans to use Piraeus port, and new rail infrastructure simplifying distribution to the north of Greece, to bolster its distribution network in Europe and the Middle East and North Africa region.

Under the terms of the law, companies wishing to avail themselves of the concession must redistribute goods worth at least EUR120m (USD156m) from Piraeus each year for the first five years of their investment, before a requirement to import goods valued over EUR300m is enforced after this period. The value of imports that may be sold to the Greek market is to be capped at 10%.

Goods being reshipped from Piraeus will undergo increased scrutiny to prevent the possibility of goods being smuggled into the Greek market free from tax.

The exemption is considerable since Greece levies one of the most onerous value-added tax regimes in Europe, with a headline 23% rate.

TAGS: tax | business | marine | law | Greece

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »