Finance ministry: First VAT cuts to take effect on Mon.

Thursday, 16 May 2019 19:30
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The finance ministry on Thursday afternoon announced that reductions in certain categories of VAT rates will come into effect on Monday, a week before a European Parliament election.

The first roll back of a "tax tsunami" unleashed by the current Tsipras government in 2017 - in order to meet creditor-mandated annual fiscal targets - will see the VAT rate on basic food items drop from 24 percent to 13 percent - where it stood in 2014.

Also, the VAT rate in the F&B sector will fall to 13 percent, excluding alcohol, coffees, soft drinks and juices.

Another decrease will see the VAT rate on energy also drop to 13 percent, from 24 percent, returning to a "pre-SYRIZA" level.

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