BUSINESS

Fixed tax rates for investments

DIMITRA MANIFAVA

The bill goes as far as to provide for sanctions in the form of financial penalties for project delays.

TAGS: Economy

A new bill on strategic investment incentives tabled on Monday by the Economy and Development Ministry provides for tax exemptions and fixed tax status, as well as the favorable taxation of foreign officials involved in major investments in Greece.

In order to overcome the obstacles between investors and the state, the bill clearly provides for recourse to arbitration, while also foreseeing the introduction of a mechanism to monitor the implementation of each investment, as well as sanctions in the form of financial penalties for delays.

That way the government is aiming to reverse the negative climate in the market regarding investing in Greece and to correct the wrongs of the past. In the statement attached to the bill, the ministry acknowledges that “the existing law on strategic investments, despite its amendments, was never efficient,” and adds that “in the eight years of its application just 15 investment projects have obtained fast-track status, without any of them having been implemented to date.”

Among the incentives provided is fixed tax rates for the first seven years, and the taxing of only the income generated in Greece for up to 10 officials working in a specific investment project in this country.

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