Greek Tourism SETE President: Slash VAT by 30% on islands dealing with refugees!

Greece has the least investment-friendly tax system among its competitors, according to a report prepared by TMS SA Auditors Company on behalf of Greek Tourism Confederation Intelligence Institute (INSETE).

According to the survey, Cyprus ranks first followed by Croatia,Turkey, Spain and Italy while taxes applicable to tourism businesses in these countries, highlight the lack of tax incentives in Greece to attract such investments.

Greece has created a series of tax disincentives for both operating tourism enterprises and attracting investments.

SETE’s president Andreas Andreadis also referred to the over-taxation of the sector as the reason why Greek tourism enterprises are not enjoying a competitive edge against competitors.

Three consecutive record years in tourism

While delivering a speech at the General Meeting of the Bank of Greece, he noted that Greek tourism enterprises are deeply concerned about the future, despite three consecutive record years in tourism numbers and 40 percent of those are currently facing serious sustainability issues, mainly due to over-taxation.

“Today we are at a turning point. Tourism is facing the extreme pressure created by unprecedented conditions under which Greek entrepreneurship lies”, Mr Anderadis said adding that the sharing economy and illegal accommodation practices amount to some 250 million euros in lost income.

“This is because the government has yet to ensure a fair framework and fiscal symmetry with respect to hotels and lodges”, he noted and underlined that most troubling of all is that over-taxation practices in Greece are showing no signs of slowing down.

SETE President consecutive tweets

“When we believe that finally the cycle of new taxes and additional charges are complete, we constantly hear announcements about new measures. In this context, Greek tourism will not be competitive and the state will continue to lose revenue and goals”, he stressed.

Later, SETE President sent the following three consecutive tweets underlining the willingness of the tourism sector to support islands affected by refugee flows and emphasizing the need to reduce Value Added Tax (VAT) by 30% on these islands:

** Refugee flows to Kos are very limited. Programming of airline seats -9%, reservations -20% but we expect rebound. SETE will strongly support the island.

** Affected islands must have VAT reduced by 30%.

** The example of solidarity and humanity differentiates us from panick stricken competitors and honors Greece.

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