• stathakis

New development law to be presented by the end of Jan, Econ Min says

The new law will be simplified compared with a prevailing bureaucracy putting an end to mistakes made in the past

A new development law will be tabled to Parliament by the end of January told Economy Minister Giorgos Stathakis to radio station ‘Kokkino’.

It will include 3-4 basic principles and it will be simplified compared with a prevailing bureaucracy putting an end to mistakes made in the past such as no safeguarding of funds and piling up state debts to private investors.

Mr.  Stathakis said a new development law will be simple, with adequate funds, it will focus on sectors with comparative advantage for Greece, such as a special categories of tourism and high technology, it will offer all incentives -beyond the classic funding through subsidies- using other funding tools, it will focus on supporting youth business activity and small- and medium-sized businesses and it will offer incentives to attract foreign investments, creating a stable (but not reduced) tax status for seven years until completion of amortization.

Mr. Stathakis said the process was expected to be completed by the end of January.