Greece Extends VAT Reduction for Five Islands

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On 20 November 2019, the Greek government reportedly approved an extension of the 30% reduction of standard VAT rates for the islands of Chios, Kos, Leros, Lesbos, and Somos to 30 June 2020. Without the extension, standard VAT rates would apply from 1 January 2020. The five islands are the last islands eligible for the VAT reduction, which has been phased out for other Greek islands as part of Greece's bailout agreement with the EU and the IMF. Unless a further extension is approved, standard…