Consistent with our commitment to keep you updated on the most significant developments, we outline below the most important measures announced for the relief and support of those economically affected from the new coronavirus pandemic (COVID-19)
According to Legislative Act 11.03.2020/2020, the Press Releases of 18 and 20 March 2020 and Legislative Act 20.03.2020/2020 that were issued after the above Press Releases, the following urgent measures were announced for the handling/dealing of the potential economic effects of the coronavirus spread (COVID -19) and the support of the economy and entrepreneurship:
The VAT rate is reduced to 6% (from 24%) on products like:
The above reduced rate will be effective until the end of the year (i.e. until 31 December 2020).
On what concerns audits that are currently pending for the return of income tax and VAT to enterprises, the refund will take place immediately (subject to the statute of limitation provisions) on condition that the total amount of the pending refund claims does not exceed EUR 30 000 per type of taxation and per beneficiary of the refund. Pending audit cases are those where no preliminary tax assessment note has been issued yet.
In the 18 March 2020 Press Release, it was announced that the reform in relation to the new real estate objective tax values will be suspended. UREOT of 2020 will be calculated based on the previous regime and the new objective tax values (that would be determined as a result of the above reform) will apply as of next year. Further relevant action is expected by the competent authorities in this respect.
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