Overview about Corona measures in Greece

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On lockdown since the 23rd of March, Greece has adopted the following measures to face COVID-19 crisis.

Financial help (loans etc…)

500 million € scheme in collaboration with the European Investment Fund could help the gap in finance for small to medium size companies, which is expected to grow.

1 billion euros in guarantees for loans to struggling businesses

Government will bear the interest costs of all up-to-date business loans for April, May and June – measure may be extended for an additional two months.

Relief to accompany a slowdown or absence in business activity

Employees are entitled to collect a special purpose indemnity to the amount of EUR 800 burdening the State Budget.

Indemnity is tax free.

Full social security coverage of the employees by the State on the basis of their contractual salary.

Tax Measures

4-month deferral of VAT and social security payments due end of March (for companies in an outbreak area in lockdown for at least 10 days)

Extension to 31 August 2020 of the payment deadlines for tax remittances due in the period from 11 March 2020 until 31 April 2020.

Suspension of unpaid assessed taxes as of 11 March 2020 until 31 August 2020

Reduced VAT (from 24% to 6%) for necessary product to protect against the pandemic until 31st December 2020Acceleration on the refunds of VAT and Income tax if they don’t exceed 30,000€ per type of tax and taxpayer

planned reform of the “unified real estate ownership tax” (UREOT) regime postponed.

Suspension of certain tax and social security liabilities.

Exemption of VAT for donation of goods to the Greek Government that help efforts against the pandemic

Financing program allows refund (whether partial or full) of advance payment tax

25% reduction of assessed liabilities on installments of tax payments that are due between 30 March 2020 through 30 April 2020 (excepting VAT and withholding tax)

Ssuspension of tax audits and related deadlines. Limitations that would apply from 30 March-31 May 2020 extended to 31 July 2020.

Specific Insolvency measures

No specific insolvency measures as of now

This information was drafted by the European Insolvency Practitioners Association

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