€42.7 billion measures taken to support economy in 2020-2022

measure Finance Minister Christos Staikouras, together with Alternate Minister Thodoros Skylakakis and Deputy Minister Apostolos Vesyropoulos

The government measures to support households and businesses from the impact of the pandemic in 2020-2022 amount to €42.7 billion, the leadership of the finance ministry said on Monday, breaking down the measures announced by Prime Minister Kyriakos Mitsotakis at the Thessaloniki International Fair (TIF).

Finance Minister Christos Staikouras, together with Alternate Minister Thodoros Skylakakis and Deputy Minister Apostolos Vesyropoulos, said that the measure to abolish tax on parental gifts of property, cash and shares of up to €800,000 was a measure promoting growth.

He also said that the rules for the return of the returnable advance given to businesses to tide them through lockdowns mean that 28% of businesses will return one quarter of the sum received, 39% will return one third and 33% will return 50%.

There is also a 15% discount for those that return the sums due by December 31, 2021, otherwise the sum is paid back in 60 installments from January 2022.

In addition, as an incentive for electronic transactions that will apply from January 1, 2022 until 2025, 30% of electronic spending for 18 categories of professional services will be subtracted from taxable income, up to the sum of €5,000.

These will include lawyers, architects, private detectives, funeral homes, air-conditioning, heating and plumbing contractors, nurses, carpenters, cleaning and building maintenance, childcare, car rental, taxis, aluminum workers, tailors and clothing repair, photographers and other freelance occupations.

Receipts from doctors, dentists and vets will count doubly toward the 30% income limit that tax payers must cover with electronic receipts to not have to pay additional tax, but not the cost of pharmaceuticals and hospital bills.

There will also be a complete overhaul of the ‘tax lottery’ where 1,000 tax payers can win up to €1,000 each with every lottery draw.

The new system will increase the chances of winning for those on lower incomes and the prizes will rise each month and reach up to €50,000.

In addition, there will be a special lottery at Christmas with prizes of up to €100,000.

There will be a discount for green and digital investments and incentives for mergers and takeovers.

The government will increase the heating oil subsidy by 20%.

READ MORE: Greek state bond yields continue falling.

No Comments Yet

Leave a Reply