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Greece Agrees to Bailout Package Including Major Tax Reform — Orbitax Tax News & Alerts

Although not completely finalized, Greece has reportedly agreed to implement multiple tax reform measures in order to extend its bailout. Despite holding a referendum on 5 July 2015 that resulted in a no vote on accepting a previous package, the package that has now been agreed to is largely the same ({News-2015-07-02/P/2- previous coverage}). Main measures include increasing the VAT rate on most goods and services to the standard 23% rate, increasing the corporate tax rate from 26% to 28%, and requiring 100% advance payment of tax.

Additional details will be published as the Greek parliament completes the approval process for the measures, which is to begin 15 July 2015.