The measures to deal with the accuracy which include interventions in the profit margins of the companies are corresponding to interventions made in other countries of the European Union and will be removed when there is a normalization of the situation.

This was pointed out by the Minister of National Economy and Finance, Kostis Hatzidakis, responding this evening, in the context of the general meeting of the Association of Greek Food Industries, to the request made by the president of the Association, Ioannis Giotis, for the removal of said interventions.

Mr. Hatzidakis recalled a series of actions implemented by the government to strengthen entrepreneurship, praised the contribution of the food industry to the increase in exports while repeating the rejection of the request for a VAT reduction. “I will not put my signature on destabilizing the budget. I prefer to become unpleasant with you,” said the minister, while also referring to the impact this measure would have on the balance of payments without certainty that the price reduction would reach the consumer. However, he did not rule out the reduction of other taxes – in addition to those already planned such as the reduction of social security contributions in 2025 – pointing out that these interventions will depend on the results of the fight against tax evasion.

“The battle to crack down on tax evasion is ongoing, at a cost to the government because there are many who protest. However, we are making steady progress, we have completed the interface of cash registers with POS and are moving forward with ERP. This seems to be already starting to pay off, but let’s not forget that this year we also have increased fiscal targets. We will “fund” and see what scope there is for changes in tax policy. We have to get the real picture, we can’t go on guesswork. Our goal is to reduce taxes in general and to strengthen social policy, but before we take any step we must be sure that we can withstand it”, underlined the minister.

On the issue of prices, Mr. Hatzidakis reiterated that there is no magic rubber band in any country of the cost that erases the phenomenon of inflation. “The measures taken are temporary and will be lifted when the time comes and the situation normalizes. This will not happen tomorrow morning, we are moving towards normalization gradually,” he said. He also noted that the EU’s assessment of inflation in our country is more optimistic than the government’s assessment.

The minister recalled the interventions that the government has announced and is implementing – in addition to the reductions in taxes and contributions that have already been implemented – which include:

  • further reduction of non-wage costs from 2025 by 0.5 points.
  • accelerating digital modernization and the delivery of justice;
  • consolidation and strengthening of the soundness of the banking system
  • incentives for the green and digital transformation of businesses
  • tax and financial incentives for innovation and mergers.
  • Subsidies and low-interest loans from the Recovery Fund through programs such as “Innovation and Green Transition in the processing of agricultural products”, “Smart Processing”, energy saving programs, etc.

“We have two sectors that we are proud of for their dynamism and export activity, pharmaceuticals and agri-food which has been the pleasant surprise of exports in the last five years. We openly and clearly support entrepreneurship against the attacks of almost all parties”, concluded Mr. Hatzidakis.