ECONOMY

Restaurant sector hit

The sight of a restaurant full of customers in Greece is a rarity these days, as supported by figures reported by the SEPOA association of restaurateurs on Thursday which pointed to a 40 percent decline in turnover year-on-year this fall, or since the increase of value-added tax from 13 to 23 percent.

SEPOA representatives asked for VAT to be reduced to 9 percent, adding that dozens of enterprises have been forced to shut down due to the big drop in consumption that has led to the loss of about 15 percent of the sector?s jobs.

The association estimates that next year the number of jobs lost in the sector will add up to 120,000, while the state will also suffer as a result, as the drop in business and the rise in tax evasion have led to smaller-than-expected tax revenues.