Greece:
Reduced VAT Rates Abolished On Six Greek Islands
07 October 2015
TMF Group BV
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The latest announcement from the Greek Ministry of
Finance sees an end to reduced VAT rates on six popular holiday
islands as part of the country's third bailout
agreement.
From 1 October 2015 the reduced VAT rates of 16%, 9% and 4%
(according to the good/service) will no longer apply to the Greek
islands of Mykonos, Rhodes, Skiathos, Naxos, Paros and
Santorini.
The islands will instead apply the three standard rates of 23%,
13% and 6%. The Ministry advises the reduced VAT rates still
applicable on other, less developed islands will be abolished from
2017, however a review of the increases is planned in 2016 if
Greece surpasses revenue targets in key focus areas.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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