The National Confederation of Hellenic Commerce (ESEE) believes that a possible VAT tax exemption for small businesses and freelancers would be a move in the right direction. Such a measure is being considered in the omnibus draft bill tabled in Parliament by the government. The ESEE believes that the 10,000 euros considered as an upper revenue limit up to which the exemption shall apply as “very small” compared to other EU countries.

According to ESEE president Vassilis Korkidis, the VAT exemption rule is applicable within the EU up to a maximum business revenue ranging from 25,000 to 50,000 euros, while in France and Britain this upper limit is even higher, at 90,000 and 95,000 euros, respectively.

The new measure will be implemented by January 1, 2015, offering the choice of VAT exemption to businesses and freelancers with a revenue of up to 10,000 euros. ESEE hopes that this will be lifted to 20,000 euros.

Mr. Korkidis noted that the “effort of the government’s economic team is positive, but insufficient.”