ECONOMY

Businesses flock for special sticker as lower VAT at restaurants begins

Some 7,000 restaurants, cafes and bars have applied to receive the special blue sticker indicating that they have lowered their prices as the reduced VAT rate of 13 percent comes into effect on Thursday.

The Hellenic Confederation of Professionals, Craftsmen and Merchants (GSEVEE) is distributing the sticker to its members who show their adjusted price lists as proof that they have incorporated the VAT reduction, from 23 percent to 13.

GSEVEE president Giorgos Kavathas doubts that the VAT cut will have an immediate impact in terms of increasing business at restaurants and cafes or increasing tax revenues for the government.