Greece increases reduced VAT in austerity measures

Fri 24th Jun 2011

The Greek government has announced plans to reschedule food and soft drinks purchases from the reduced, 13% Greek VAT rate to the standard 23% rate. This change will come into effect on 1 September 2011.

This moves comes as part of a range of austerity measures designed to help unlock the latest round of bail out funding from the EU, ECB and IMF.