What this week's VAT changes mean for household budgets and public coffers

Photo by MacroPolis
Photo by MacroPolis

The first draft bill with prior actions that was voted in the Greek parliament early on Thursday included a large reshuffling of VAT rates.

The study shows that the estimated total burden on the average household from the VAT reshuffling will reach 650 euros on an annual basis. For food products in particular, the increased VAT rates correspond to a hit of 157 euros per annum or 3.5 percent.

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