Third VAT increase following bail out
Greece has raised its standard Value Added Tax rate from 23% to 24% from 1 June 2016. This reflects the struggling budget deficit and commitments made to its Euro bail out partners, the European Central Bank, EU Commission and International Monetary Fund.
Three VAT Greek VAT rate rises
Following the 2007/08 financial crash, Greece has suffered a number of VAT hikes:
- 15 Mar 2010 – 19% to 21%
- 1 Jul 2020 – 21% to 23%
- 1 Jun 2016 – 23% to 24%
There will be no change this time to the Greek reduced VAT rates of 6% and 13%.
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