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15 September 2021

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Greek Prime Minister Announces Reduced Tax Rate for Merging SMEs and Other Measures

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:

  • The extension of the special solidarity contribution exemption for 2022;
  • The extension of the reduced VAT rate (13%) for passenger transport, coffee and non-alcoholic beverages, cinema, and tourist until June 2022;
  • The additional 100% deduction for green, energy, and digital investments by SMEs; and
  • A 50% reduction in capital accumulation tax for businesses from 1 October 2021.

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