A number of powerful incentives for attracting and implementing private investments in the Greek economy are offered by a new law on economic development and support for private investment. The bill was submitted at the Palace of Percent by the Ministers of National Economy by Georgos Alogoscufis and the development of Dimitris Süfas. Earlier, the bill was approved by the Government Commission.
It is expected that by the end of the year it will be approved by the country’s parliament and will enter into force from the beginning of the year. According to the Minister of National Economy, Mr. Alomososcufis, the law is a big step towards state support of private investment and means the new economic policy of the Greece Government.
According to the bill, the difference between investors on the “old” and “new” is canceled. This gives the right to all enterprises to claim all types of support. It is also possible to provide an additional, up to 15%, support for small and medium -sized enterprises in various regions of the country.
The new law provides for a significant expansion of the list of supported areas of activity, mainly in the field of tourism, information technology and high -tech industries. The percentage of state assistance for the repair and modernization of hotels is increasing and at the same time the upper limit of the support amount is canceled, which until today has been 5 million euros.
Important change is a decrease in the requirements of the law for the personal capital of the investor from 40% to 25% of the amount of the investment project.
We also note that the documents can be submitted at any time, during the year, and not until September 15, as provided earlier. The consideration of the application must be carried out within two months (previously 3 months), and the preparation of the verification report within two months (there were no time restrictions before).
The Minister of National Economy described the bill as simple, without links to previous laws and understandable. He also added that in combination with new tax legislation, this gives a new impetus to the economic development of the country.