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The 15 support measures of the 24-billion package in detail

The 24-billion euro support package announced by Greek PM Kyriakos Mitotakis on Wednesday, which includes measures from June 1st to October, were specified by the Ministers of Finance and Labour, Mr. Staikouras and Vroutsis, respectively, as follows:

1 –  An extension for the right to suspend workers’ employment contracts, the special purpose remuneration and the coverage of their insurance contributions.

Employees in the tourism, catering, transport, culture and sports sectors continue to be able to suspend employment contracts, up to 100%.

2 – A new short-term employment support mechanism is being created to maintain jobs and support entrepreneurship.

3 – Unemployment benefit is provided to seasonal employees who will not be hired during the current tourist season.

At the same time, insurance contributions are subsidised for seasonal part-time workers.

4 – Payment of the instalments of certified debts to the tax authority to those companies that remain closed are suspended, as well as to the sectors of tourism, catering, transport, culture and sports, for the month of June.

Employees whose contracts are suspended have the right to suspend the instalments of certified debts.

5 – The possibility of rent reduction by 40% is extended, in June, to all businesses that remain closed to businesses in the tourism, catering, transport, culture and sports sectors.

In addition, the same right is provided to those companies that opened in May, including retail.

In addition, businesses belonging to the tourism, transport, culture and sports sectors are given the opportunity to reduce their rent during the months of July and August.

Finally, all employees whose employment contracts are in temporary suspension status also reserve the right to reduce the rent for their primary residence and the student residence of their dependent members.

6 – For owners who rent real estate to affected businesses and employees, the deadlines for the payment of the certified debts are suspended.

Also, for these owners, it is possible to offset part of the lost income, with tax liabilities after July.

7 – A 2nd reimbursable Advance is granted, based on the loss of turnover in the months of March, April and May.

8 – A reduction in the tax in advance is provided.

Companies that have a decrease in turnover in March, April and May, cumulatively above one percent, a reduction in the advance tax will be provided for 2021, by a percentage.

The percentage will be determined in July, based on the turnover data that the companies have submitted for the previous period.

9 – VAT on transport is reduced from 24% to 13%, for the period June 1 – October 31, 2020.

It covers passenger transport by train, metro and tram, by city and intercity buses, by plane, by ship, by combined transport.

Citizens, especially the weaker income groups, will benefit greatly from this state provision.

10 – VAT on coffee and non-alcoholic beverages is reduced from 24% to 13% for the period June 1 – October 31, 2020.

11 – VAT on the tourist package is reduced from 80/20 (80% to 13% and 20% to 24%) to 90/10 for the period June 1 – October 31, 2020.

12 – VAT on cinema tickets is reduced from 24% to 13% for the period June 1 – October 31, 2020.

13 – The cost of scientific and technological research is deducted from the gross income of businesses increased by 100%, compared to the current 30%, for expenses that will be incurred from September 1st.

14 – A National Register of New Businesses is being created, in accordance with international standards, so that there is a coherent framework for the development of targeted ecosystem support policies.

Incentives are given to individuals who contribute investment funds [angel investors] to start-ups, in the form of tax deductions on the amount invested.

15 – There is a plan for the State to subsidise, for a certain period of time, a significant part of the monthly instalments of those affected by the coronavirus, and have mortgage loans on the primary residence.

It covers all the “red loans”, both those created before the end of 2018 and the ones that emerged later – until today – for the citizens affected by the consequences of the virus pandemic crisis.

also read 

UPD – PM Mitsotakis announces 24 billion package to restart economy

 

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