Following the recent victory in the countries general election, the new Greek Prime Minister has announced that the government wants to introduce a wide range of tax cuts in order to boost the economy after several years of lack of funding and increasing public debt.
Prime Minister Kyriakos Mitsotakis proposed the following tax rate changes:
- A reduction in corporate tax from 28% to 24%;
- A reduction in the dividends withholding tax rate from 10% to 5%;
- A reduction in the standard and reduced rates of VAT from 24% and 13%, respectively, to 22% and 11%;
- A VAT exemption on construction services for a three-year period;
- A 30% reduction in the unified property tax known as ENFIA for all property owners; and
- A reduction in the first individual income tax bracket rate from 22% to 9%.
