Greece has approved an extension of the 30% reduction of standard VAT rates for the islands of Chios, Kos, Leros, Lesbos, and Somos to 31 December 2018. The five islands are the last islands eligible for the VAT reduction, which has been phased out for other Greek islands as part of the bailout agreement with the EU and the IMF. Unless a further extension is approved, standard VAT rates will ap…