rocket
Orbitax subscribers can now easily follow the latest COVID-19-related tax measures being implemented worldwide. New to Orbitax? Create a free account to access your dashboard and latest tax news.
News Share

The Tax Hub

Daily Tax Newsletter

Greece

Responsive image

Greece Announces Additional Support Measures in COVID-19 Plan

The Greek Ministry of Finance has issued a release on its four-phase plan for supporting and reopening the economy in light of the COVID-19. The key points of the release concern the third phase, which is to begin implementation next week. These are summarized as follows:

  • Continued support will be given for employment in relation to employment suspension and insurance contribution coverage, as well as other new supports for employment;
  • Further support will be provided for the suspension of the payment of certified tax debts for the month of June for businesses that remain closed and businesses in tourism, catering, transport, culture, and sports sectors;
  • The 40% rent reduction for affected businesses is extended for June, and is further provided for the tourism, catering, transport, culture, and sports sectors for the months of July and August;
  • Relief for property owners that rent property to affected businesses is also extended, including suspension of tax payment;
  • The Ministry will provide a reduction in advance tax payments for 2020 and 2021 for companies that have shown a decrease in turnover in March, April, and May 2020, with the reduction based on the percentage reduction in turnover;
  • A number of VAT rate reductions are provided, which include that the rate on the following supplies is reduced from 24% to 13% from 1 June to 31 October 2020:
    • Passenger transport, which covers transport by train, metro, and tram, by city and intercity buses, by plane, by ship, and by combined transport;
    • Coffee and non-alcoholic beverages; and
    • Cinema tickets;
  • The VAT rate on tourist packages is also reduced from 80/20 (80% at 13% and 20% at 24%) to 90/10 from 1 June to 31 October 2020; and
  • The 30% tax deduction for R&D expenditure will be increased to 100% for expenses incurred from 1 September 2020.

Although not clear from the release, the R&D deduction is assumed to refer to the 30% super deduction, i.e., a 130% deduction for qualifying expenditure, meaning a 200% deduction will be provided. Further details will be published once available.

Powerful Tax Tools

NEW

FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.

NEW

Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.

NEW

Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.

NEW

Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.

NEW

Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.

NEW

OECD BEPS Project

Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.

NEW

Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.

NEW

Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

NEW

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

NEW

Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.

NEW

Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.

NEW

Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.

NEW

VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.

NEW

NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.

NEW

Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.

NEW

Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Translate Documents

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More