Greece To Hike VAT To 24 Percent 

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Greece has agreed to raise its value-added tax rate to 24 percent from July 1, 2016.

The hike will push Greece’s headline rate closer to the highest value-added tax rate in the European Union, that of Hungary’s, at 25 percent. It is anticipated that the hike will boost Greece’s revenues by about half a billion euros.

The current 23 percent headline rate is levied on certain foodstuffs; pharmaceutical products; books, newspapers, and periodicals; medical equipment for disabled persons; admission to cultural services; television services; and agricultural inputs. It also applies to all passenger transport services; e-books; the services of writers, composers, etc.; social housing; renovation of real estate; restaurant and catering services; admission to, and the use of sporting facilities; non-exempt medical care; bicycles, shoes, and leather goods; clothing and household linen; and hairdressing.

Source: Tax News

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