The specialization of the measures announced by the Prime Minister at the 88th TIF for business support
Tax incentives for acquisitions and mergers for research and development, staggered end to cruise passengers, nil Excise Tax for agricultural oil, as well as reduction of ENFIA by 20% for those who insure properties worth up to €500,000, announced during interministerial press conference at noon on Monday, where the measures announced by the Prime Minister at the 88th TIF regarding business support were specified.
The ministers of National Economy and Finance participated in the press conference Kostis Hatzidakis and deputy Nikos PapathanasisRural Development and Food Kostas TsiarasDevelopment Takis Theodorikakos and Tourism Olga Kefalogianni. The coordinator was the undersecretary to the Prime Minister and government representative Pavlos Marinakis.
Theodorikakos: “Tax incentives for acquisitions – A Golden Visa will be given for investments of €250,000 in start-up companies from 1/1/2025”
“The main goal is the convergence of incomes with the European average and the reduction of social and regional inequalities”, pointed out Takis Theodorikakos. “A necessary condition for achieving this goal is the formation and implementation of a new production model for our country, following the reforms carried out by the government.”
The Minister of Development stated that 3 actions are underway, speaking of direct financing of vital investments in the industrial sector with 170 million euros, digitization of small and medium enterprises with 85 million euros, as well as a program to create green pilot industrial parks financed by the Recovery Fund.
At the same time, Mr. Theodorikakos announced increased tax incentives for acquisitions and mergers for research and development with a total cost of 40 million euros, while he underlined that a Golden Visa will also be given for investments of 250,000 euros in start-up businesses from 1-1-2025.
Tsiaras: “Zero tax rate for 298,000 beneficiary farmers”
According to the Minister of Rural Development and Food, Costas Tsiaras, there are 298,000 professional farmers who will have a zero tax rate for agricultural oil from 1-1-2025.
As Mr. Tsiaras noted, the goal is to reduce production costs through the establishment of a permanent mechanism for refunding the Special Consumption Tax, for which a Joint Ministerial Decision is expected to be issued after consultation with ETHEAS and other social bodies.
As for the “red” loans, he referred to a new framework of arrangements/compromised repayments with a significant write-off of debts on the basis of the accounting balance, with a combined solution on old claims (debt write-off solutions) together with new simultaneous bank financing.
Kefalogiannis: “It is estimated that tourism revenues in our country will reach €22 billion this year”
The tourism revenue is estimated to reach 22 billion euros this year, estimated tourism minister Olga Kefalogianni. It is noted that it was 20.6 billion euros last year.
In addition, Ms. Kefalogianni announced a tiered fee depending on the island and time period for cruise passengers, along with an increase in the durability fee for short-term rental rentals and hotels. Regarding short-term leases from 1-1-2025 no new documents are allowed in the center of Athens for at least one year.
It should be noted that the cruise fee will be imposed from 2025, from the coming tourist season, as the minister clarified after a relevant question. Its amount and escalation of the fee will amount to 20 euros for Mykonos and Santorini and 5 euros for the rest of the ports for the period June 1st to September 30th. For the period April-May and October the fee is reduced by 40% to 12 and 4 euros respectively. For the November-March period the fee is reduced by 80% to 4 and 1 euro per passenger respectively.
For his part, the Deputy Minister of National Economy and Finance, Nikos Papathanasis, spoke of “a significant increase in the Public Investment Program by 900 million euros for 2024”, adding that an annual increase in resources for investments by 10-17% is expected until 2026.
“Now we are talking about a record increase of the PDE, which “climbs” to a total of 13.1 billion euros. At the moment, Greece is 6th in absorbing the resources of the Recovery Fund”.
Hatzidakis: “Enfia reduction by 20% for those who insure properties worth up to €500,000”
Finally, the Minister of Finance, Kostis Hatzidakis said that in 2024 we had a total of 10 privatizations in our country, announcing immediate further privatization of the National Bank through the Financial Stability Fund.
Mr. Hatzidakis described Greece as a “leading country” in tax incentives for research and innovation expenditures. “Some additional financial tools are planned, such as the creation of a Patent Fund by the Hellenic Development Bank, as well as a new NSRF action for mergers of approximately 350 million euros, which aims to finance 50% of the investment costs of small and medium-sized enterprises.”
As he informed:
“After the passing of the law on the restructuring of the Superfund, the process for the creation of the National Investment Fund began, with the aim of operating until the end of 2024. The Fund is called upon to cover part of the investment gap in critical sectors of the Greek economy, such as indicatively the green transition, circular and blue economy”.
Also, properties worth more than 500,000 euros will not be compensated by the state if they have not been insured against natural disasters by 1-6-2025 as announced by the minister.
“The new discount framework provides for a 20% discount in ENFIA for those who insure properties worth up to 500,000 euros. For properties of greater value, the discount is 10% with a parallel non-state compensation penalty in case of uninsured property against natural disasters. From 1-1-2025 and with the renewal or conclusion of a new contract, all vehicles for private and professional use are required to be insured against natural disasters. Insurance against natural disasters will be mandatory from 1-6-2025 for all businesses with a turnover of more than 500,000 euros”.
In response to a related question, the minister estimated that until 2027, an annual increase in state revenues of approximately 2.5 billion euros is estimated.
Source: Skai
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