Reduced VAT rates come into effect on goods, services


Reductions on value added tax on dozens of goods and services announced by the authorities over the past weeks came into effect on Monday.

The cuts relate to several goods on supermarket shelves which have had VAT cut to 13 percent from 24 percent and to restaurants and cafes where the lower rate has also been applied.

The products that have been put into the lower VAT bracket include olive oil, meat and fish, cocoa and generally standardized non-fresh food.

Electricity bills will henceforth be subject to 6 percent VAT rather than 13 percent as will natural gas bills.