Corporate tax deposit cut up to 100%

Corporate tax deposits may be completely waived this year in some cases, Finance Minister Christos Staikouras said on Wednesday, adding that a third phase of cheap credit to companies will be considered next month.

Speaking on Thema FM, Staikouras reiterated there will be a “generous” reduction in the advance payment companies and self-employed professionals make ahead of next year’s tax payment, and “in some areas there may be no tax deposit at all.” He added that the decisions to that effect will be announced this month.

The minister then referred to a possible new wave of loans to companies on favorable terms, known as the “Deposit To Be Returned.” This will also depend on the cash to be loaned out in the second phase, which has 100,000 potential recipients, as he revealed. “They are fewer than we had expected, as our estimate had been for up to 300,000 enterprises to benefit,” he admitted.

Staikouras added that projections for the third phase of the state loans will take into account the adverse data on tourism in June and July, while 7,000 hotels have already applied for the second phase.