By Vangelis Dourakis

Twice as much subsidies compared to the previous regime can secure both individual and affiliate or affiliated businesses through the new development law. Indeed, investment projects will be approved by express procedures within 90 days of the application. Emphasis will be given to cutting -edge technologies, agri -food, tourism, supply chain and extroversionespecially if it grows in the region.

The highest aid amounts are set as follows: up to EUR 20 million for individual companies and up to EUR 50 million for groups of connected or affiliated undertakings. These limits are increased by 50% when the aid is provided through tax exemption.

The reinforcement regimes of the new development

Applications with the new Development Law is estimated to take place between May and July, with evaluations being made from September to November this year.

At the heart of the new law are investment plans that will be developed in areas with serious economic and demographic problems, such as border regional units, areas with GDP per capita below 70% of the national average, or areas facing population, as well.

The twelve aid regimes of the new development framework are:

1. Modern technologies

2. Green Transition – Environmental Business Upgrade

3. Social Entrepreneurship and Crafts

4. Special Aid Areas

5. Agri -food – primary production and processing of agricultural products – fishing and aquaculture

6. Processing – Supply Chain

7. Business extroversion

8. Strengthening tourist investment

9. Alternative forms of tourism

10. Large investment

11. European chains

12. Entrepreneurship 360 °

What are the ways of reinforcing through new development

The new development law provides five basic types of aid:

  • Tax exemptionwhich consists of exemption from the payment of income tax on pre -tax earnings, which are based on the relevant tax legislation, from all business activities, deducting the tax of the legal entity or the legal entity corresponding to the profits distributed or distributed. The amount of the tax exemption is calculated as a percentage of the value of the reinforced costs of the investment plan or the value of the new mechanical and other equipment, which is acquired by leasing and constitutes an equal reserve, which is kept in a distinct account in their financial statements.
  • Subsidywhich consists of the free provision by the public sum of money, to cover part of the enhanced costs of the investment plan and is determined as a percentage of them.
  • Lease subsidy (Leasing), which consists of coverage by the public part of the leasing installments paid, which is concluded for the acquisition of new mechanical and other equipment, is determined as a percentage of their value and contained in the installments paid. The leasing subsidy may not exceed seven (7) years, and the deadline is set out from the date of completion of the investment.
  • Subsidy of the cost of employment createdwhich consists of coverage by the public part of the wage costs of new jobs created and linked to the investment plan and for which no other state aid is obtained.
  • Funding of business riskfor regimes: “Modern Technologies” and “Social Entrepreneurship & Crafts”, it consists of subsidizing interest -bearing loans or high -risk loan insurance costs paid to credit institutions.

It should also be noted that: Aid of approximately 1-3, namely tax exemption, grant and leasing subsidy, are provided individually or combined and are taken into account for the total amount of aid for each investment plan. The type of reinforcement of approx. 4 (subsidy for the cost of employment created) is provided independently for the costs of wage costs of new jobs created as a result of the investment plan, which is calculated for two (2) years after the creation of each position.

Which investment plans are eligible

Eligible investments are:

  • The creation of a new installation,
  • The expansion of productive capacity,
  • The diversification of existing installation in new products or services,
  • The fundamental change in the production process or to provide services

In addition, it is eligible to obtain assets from an installation that has been closed or was going to close if it was not purchased. However, it is noted that the acquisition of business shares is not subsidized as it is not counted as an initial investment.

Expenditure included For consulting services, innovation (technological, procedural, organizational), energy efficiency measures – except for buildings – as well as for the efficient use of natural resources and the transition to the circular economy.

Eligible It is also the investment for the production and co -production of energy from renewable energy (RES), to consolidate environmental damage and the restoration of natural habitats and ecosystems, to protect or restore biodiversity, as well as the application of nature -based solutions for adaptation to climate change.

There are also forecasts for vocational training, for the installation of efficient district and telecommunication systems, as well as the recruitment of workers who are disadvantaged or are people with disabilities.