After the Government’s decision and announcement, the Value Added Tax (VAT), in Greek called F.P.A (“foros prostithemenis axias”), will be increased from currently 23% to 24% on an effort of the Greek Government to collect funds until the end of year 2017.
This measurement will be effective from June the 1st, 2016.
A series of price increases in many essential consumer products and services is anticipated.
More specifically, increased VAT 24% will be imposed to the following:
Utility bills (electricity & water): 24% VAT is not to be included in the whole of the bill but partly, while on mobile & landline telephony the increased VAT will be imposed.
Products like biscuits, spaghetti, bread, coffee, margarine, soft drinks and juices
Clothes & shoes
Electrical appliances/ electronics
Further increases in VAT are expected within the coming months on other products like beer, cable TV and heating petrol.