The Greek government has issued several announcements regarding the country’s tax regime. Decision A. 1121 / 03-08-2023, which contains information on the regulation of the conditions for changing interest rates in Article 53 of the Tax Procedure Code of the country, was published in early August.
The solution retains interest rates on overdue payments (8.76% per annum) and late tax payments (6% per annum). These rates are effective August 9 and will be maintained for the next two years.
Greece has also made changes to VAT rates for 2023 to reduce the impact of inflation and economic hardship caused by the COVID-19 pandemic and the energy crisis. 13% and 6% VAT exemptions have been extended until December 31 for soft drinks, works of art, gyms, passenger transport, tickets to the zoo and theaters, personal hygiene products, etc.
The Greek VAT rate of 24% that normally applies to new property purchases has been suspended until 2024. Thus, anyone who buys property in new buildings in Greece (foreigner or citizen) will not have to pay VAT on property until 2024.