15 September 2021
In a speech delivered at the Thessaloniki International Fair on 11 September 2021, Greek Prime Minister Kyriakos Mitsotakis spoke on tax measures that will support businesses, including previously announced measures such as the permanent reduction in the corporate tax rate from 24% to 22%, as well a certain additional measures. One of the main additional measures announced by the Prime Minister is a tax deduction to support the merging of SMEs employing up to 250 people. This measure provides that such SMEs that merge into a new legal entity would be granted a 30% corporate income tax deduction, i.e., taxed at a 15.5% tax rate. The deduction would apply for three years, subject to a cap of EUR 1 million.
The 30% deduction measure was further confirmed by the Ministry of Finance in a release on 13 September 2021, which also noted that sole proprietorships can partner together to set up a new legal entity and receive the same deduction. Specifics on the measure are to be provided in the near future. The Ministry also confirmed other measures, including:
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.