Greece to further reduce taxes, social security contributions over next two years

The Greek government announced reduction of taxes and social security contributions over next two years in order to support businesses and households during the 85th annual Thessaloniki International Fair.

The Thessaloniki International Fair takes place in Greece every year and is focused on Greek entrepreneurship and especially the Greece’s small- and medium-sized businesses.

The previous two years, a series of both provisional and permanent tax cuts and reductions in social security contributions carried out by the Greek government. Now it is planned that these reductions will be permanent so as to help boost the competitiveness of Greek enterprises.

More specifically, the government will now make permanent a two percentage point reduction in corporate income taxes – to 22% from 24% previously – and introduce new tax incentives to spur consolidation in Greece’s private sector through mergers and acquisitions. Moreover, tax incentives intend to promote investments in digitization, the green economy and energy in Greece.

Greek government cuts taxes, social security contributions

• Permanent reduction in corporate income tax to 22% from 24%
• 3 percentage point cut in social security contributions through 2022
• Reduced VAT on transport services, coffee and non-alcoholic beverages, cinemas, tourist packages until June 2022
• Reduced VAT on gyms, dance schools until June 2022
• Suspension of duties on pay-TV services and on mobile phone services 

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