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Economy

ELOT Standardization VAT Rates to Drop from 24% to 6%

ATHENS – All standardization prototypes handled by the Hellenic Organization for Standardization (ELOT) billed at 24% VAT, the highest scale of the tax, will be billed at 6% VAT as of June 1, the Greek standards regulator said on Friday.

ELOT is responsible for the Greek standards’ recognition abroad and for administering foreign standardizationd (e.g. ISO and IEC) in Greece.

The decision, the organization said, “follows actions by ELOT’s CEO Georgia Reboutsika with the Independent Authority for Public Revenue (AADE), in the context of Development & Investments Minister Adonis Georgiadis’ plans to promote Greek standardization and support Greek enterprises,” the ministry said.

Reducing the VAT rate has been a long-term request by the market, while it serves as the first step in a greater revision of ELOT prototype pricing policies in order to make them more accessible cost-wise by businesses and the greater public.

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