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Greece to Abolish Lower VAT Rate Oct 1 on Six Popular Islands

Mykonos-Greece-islandSix popular Greek islands will be the first to switch to higher VAT rates on October 1 with more to follow in the next two years, the finance ministry announced on Monday. The measure is part of the agreed reforms pledged in the third bailout agreement signed between Greece and its creditors.
Mykonos, Santorini, Rhodes, Naxos, Paros and Skiathos will now have to implement a 6%, 13% and 23% VAT, as is applicable in the rest of the country, with the next two groups of islands switching on June 1, 2016 and January 1, 2017.
“It is clear that this development is a political necessity for the government (and not a choice) resulting from the agreement with the institutions and a key step in advancing the [program] review and the next steps,” the ministry said. It added that a joint ministerial decision will be published with the Interior and Economy ministries and that some measures will be introduced with the new taxation bill to compensate residents on islands that need it most.
(source: ana-mpa)

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