The Minister of Finance noted that another category of products is being processed to reduce VAT
The decision for a zero VAT rate on a number of basic everyday goods, namely bread, milk, eggs, baby food, baby diapers, feminine hygiene products and adult diapers, was announced after the end of the Cabinet meeting on Tuesday , the Minister of Finance, Makis Keravnos.
This relief Mr. Keravnos said will last six months, will be implemented from its publication in the Republic Gazette this Friday and will be in effect until the 31 October 2023.
The Minister of Finance noted that another category of products is being processed to reduce the VAT.
In his statements after the meeting of the Council of Ministers, the Minister of Finance stated that the Council of Ministers approved the Decree of the Minister and on the basis of this Decree a zero rate will be imposed on a number of basic household products.
This relief Mr. Keravnos said due to the zero tax rate will last six months and will be applied from the publication in the Republic Gazette this Friday and will be in effect until October 31, 2023.
He stated also, that the fiscal cost for the implementation of the measures in question is expected to reach approximately €11 million.
He noted that another category of products and services is being processed to reduce their VAT, explaining that because they are not coefficient which allows a Directive of the European Union there should be legislative regulation by the Parliament and approval by the European Union. He said that this will be done at a later stage.
The Finance Minister said the measures are aimed at providing relief to households to deal with the increased prices of basic products due to external factors due to the increases that have occurred internationally and the continuous crises that plague economies and negatively affect supply chains.
source: KYPE
