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Greek PM Outlines Tax Cuts

Friday, September 13, 2019

Greek Prime Minister Kyriakos Mitsotakis recently confirmed the Government's intention to proceed with numerous tax reduction measures, including a cut in corporate tax.

In addressing a trade fair in Thessaloniki on September 7, 2019, Mitsotakis confirmed that the Government would seek to legislate for the following tax measures:

  • A reduction in the 28 percent corporate tax rate to 24 percent in 2020;
  • A five percentage point reduction in the dividend tax to five percent in 2020;
  • A reduction in the lowest personal income tax rate from 22 to nine percent on the first EUR10,000 (EUR11,000) of income;
  • A gradual five percent reduction in social security contributions for those in full-time employment; and
  • A three-year suspension of value-added tax for the construction of new buildings.

A tax reform bill is due to be submitted to parliament in October 2019.