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GreekReporter.comGreek NewsEconomyGreece's New €3.6 Mln Development Law Includes €2.5 Mln Repayment of Old...

Greece's New €3.6 Mln Development Law Includes €2.5 Mln Repayment of Old Projects

greek investmentsThe new 3.6-billion-euro development law tabled in Greek Parliament on Thursday includes 2.5 billion euros that will be used to repay older investment projects.
Specifically, the 2.5 billion euros are earmarked to repay investment projects subject to laws 3299/2004 and 3908/2011.
However, the General Accounting Office report accompanying the bill states that the total expenditures for direct payments for the years 2016-2022 amount to 480 million euros, while tax exemptions for the period 2016 to 2020 is estimated at 127 million euros. In the report it is calculated that tax exemptions will be 161.4 million euros that will replace part of the direct enhancement authorized for investment projects of the two previous laws.
The bill defines the new extensions for the completion of the pending investment projects of earlier development laws. Specifically, the new completion deadline of December 31, 2016 is given for investment projects of Law 3299/2004, for which the deadline expired on 31/12/2015. If by the end of 2016, 50% of the project is completed, a further extension until 30/06/2018 will be given.
The deadline given for the completion of all investment projects under law 3908/2011 is 30/06/2017 or 31/12/2017.
For investments above 20 million euros, an incentive of a flat tax rate for 12 years will be given.

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