VAT increase from July

First Published:	25/06/2010 17:21:26
The rates of Value Added Tax (VAT) are to rise as of July 1, based on a tax bill recently passed by Parliament. The regular VAT rate on most goods will increase from 21 percent at present to 23 percent, while the reduced rate of 10 percent currently charged on a range of goods and services will be increased to 11 percent. The lowest rate of 5 percent will increase to 5.5 percent. The increases will also affect island areas, where VAT rates currently have a 30 percent reduction. As of July 1, the rates of 15 percent, 7 percent and 4 percent will rise to 16 percent, 8 percent and 4 percent. The change will affect all invoices and receipts issued after July 1, even when they refer to transactions conducted before that date.
Source:  Athens News Agency http://www.ana.gr

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