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Greece Publishes Law Providing Increased Deduction for Advertising Expenses and Other Relief

On 29 September 2020, Greece published Law 4728/2020 for urgent measures to deal with consequences of the Mediterranean cyclone Janos and further measures to deal with the continuing consequences of the COVID-19 pandemic.

One of the main measures of the law is the introduction of an increased deduction for advertising expenses by companies that have been impacted by the COVID-19 pandemic. This includes a 100% deduction increase for advertising expenses incurred in 2020 and a 60% deduction increase for advertising expenses incurred in 2021. The increased deduction is subject to certain conditions, including that a company has needed to suspend its activities or has been financially affected due to the COVID-19 pandemic.

Further to the increased deduction, the law also provides for the implementation of certain other relief measures. This includes the extension of the 13% reduced VAT rate to 30 April 2021 for any type of passenger transport, coffee and non-alcoholic beverages, and cinema tickets, as well as the introduction of the option to pay real estate property tax (ENFIA) for 2020 in six installments, with the first two installments due before the end of October 2020 and the subsequent installments due by the end of the four following months.

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