SIX Greek islands this month lose their VAT (Value Added Tax) rate subsidies as part of the country’s third creditor bailout package.
A package of cuts was agreed by the Greek government – against the wishes of voters in a referendum – as part of a financial bail-out deal with the European Union, the International Monetary Fund and European Central Bank.
The holiday islands are Mykonos, Naxos, Paros, Rhodes, Santorini, and Skiathos.
The ending of the tax subsidy will hit the cost of hotel and villa #accommodation, and the prices at cafes and restaurants. There was significant campaigning against the rise, with concern that it would damage the key Greek tourism industry. But #Greece’s creditors made it a condition of the latest bail-out.
Other Greek islands are likely to lose their VAT rate subsidies next year and in 2017.
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Picture Credit: http://www.flickr.com/photos/30400715@N08/5873947732">Mykonos church</a> via <a href="http://photopin.com">photopin</a> <a href="https://creativecommons.org/licenses/by/2.0/">(license), http://www.flickr.com/photos/54555810@N00/3878620643">Blue_Domed_Church_Oia_Santorini</a> via <a href="http://photopin.com">photopin</a> <a href="https://creativecommons.org/licenses/by-sa/2.0/">(license)
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