VAT rate changes announced in Greece
Greek VAT rates expected to be reduced significantly over the next year
Last 20 July 2019, the Greek government announced significant tax cuts for businesses and individuals.
With regards to VAT, the standard VAT rate would be reduced from 24% to 22%, whereas reduced VAT rates would decrease from 13% to 11% . The government also announced a suspension of VAT in the building sector.
There is no information or confirmation yet about these changes. The Parliament should approve them and complete the legislative process before we have a clear view on the implementation date.
Trend on VAT rate reduction
Over the last few months, we are experiencing a trend on VAT rate reductions across Europe. VAT rates on accommodation services were recently reduced in Hungary and Austria. Switzerland also reduced their VAT rates recently.