SETE Says New Greek Incentives Law Complex, Unclear

Funding alternatives in Greece will not be going anyplace if the federal government doesn’t make the brand new growth regulation easier and clearer, the Greek Tourism Confederation (SETE) stated on Tuesday.

The brand new Greek incentives regulation tabled earlier this month which foresees deductions and exemptions, leasing and curiosity subsidies, and a 12-year fastened tax framework, should be easy with clear tips and deadlines for potential traders, SETE says, describing it as “problematic”.

Representing greater than 50,000 tourism-related companies in Greece, SETE warns that the provisions of the brand new framework for tourism don’t comprise measures of help, however as a substitute add to the unfavourable results of Regulation 651/2014, which embody considerably lowering most assist charges and prohibiting help to giant enterprises for present financial exercise in six very important-to-tourism areas.

SETE is now calling on the federal government to renegotiate the restrictive provisions of the stated regulation on condition that regional assist charges had been calculated based mostly on 2008 information, which was earlier than the disaster.

On the similar time, the confederation underlines that the so-called fastened fiscal framework incentive for investments exceeding 20 million euros will show to be ineffective significantly in view of the 20 p.c enhance in company tax elevating fears of additional imminent tax hikes and thus discouraging potential traders.