Greece reduced VAT updates
Further updates have been provided in the VAT Law following the recent Greek reduced VAT rate rises. The increases were part of the settlement reached by the Greeks with its creditors (the ECB, IMF and EU) to commence negotiations on a new bailout.
VAT changes include:
- Fee-paying schooling is no longer be VAT exempt since July 2015, and liable to the standard VAT rate of 23%
- The 30% discounted rate for the holiday islands is to be withdrawn. This will happen in three stages: the first group of islands on 1 October 2015; the second group on 1 June 2016; and the final third on 1 January 2017
- VAT on beef meat is now to be subject to the reduced Greek VAT rate
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