FINANCE

Businesses to have costs subsidized

businesses-to-have-costs-subsidized

The platform for companies to submit their applications to join the program for the state subsidy of their fixed expenditures will open on Friday or on Monday at the latest.

The budget of the program comes to 500 million euros and the support will be granted in the form of credit for the offsetting of tax dues and social security contributions. A necessary condition for that is that they have submitted their tax declarations so that the Independent Authority for Public Revenue can calculate the enterprises’ spending last year, while eligible recipients will have to hold onto the staff they currently employ until at least December 31.

“Our aim is to help citizens not accumulate tax and social security obligations,” Finance Minister Christos Staikouras stated on Thursday.

For companies to qualify for the subsidy, they must belong to sectors hurt by the pandemic, have at least one full-time employee, have submitted all value-added tax declarations and E3 tax forms for the 2020 period, and show pretax losses of at least 30% in their revenues compared to 2019.