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Economy

Greece Pumping 2.5 Billion Euros More into COVID-19 Relief

March 15, 2021

ATHENS – After giving workers laid off during COVID-19 lockdowns in 2020 – and their companies – some 17.5 billion euros ($20.88 billion) in aid, Greece’s New Democracy said it will provide another 2.5 billion euros ($2.98 billion.)

Greek Finance Minister Christos Staikouras said the measures are aimed at helping businesses, freelance professionals, and single proprietors most affected by the pandemic and required to stay shut.

That includes reductions up to 65 percent in government loan repayments, a subsidy of fixed expenses in the form of offsets with future tax and insurance obligations, a subsidy of business loans, and transfer of installments in tax arrangements to the tax office and in the insurance funds, and a full March rent exemption for the affected businesses, said Proto Thema

Other aid measures coming include suspension of taxes and the arrangement of debts created in 2020, as well as additional tranches for the payment of the hated Single Property Tax (ENFIA.)

Also, said Kathimerini, a rule for at least 30 percent of income spent through credit and debit cards or internet payments will not apply for 2020 incomes, preventing taxes on asset-based calculation of incomes.

The Finance Ministry is considering a reduction of corporate income tax deposits as most companies will show losses and dues to the tax authorities and social security funds suspended will be rolled into a debt arrangement to start only in 2022.

The ministry is set to extend the number of tranches for this year’s income tax and ENFIA to eight, with the installments to be pushed back again, the report also added.

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