Giannis Plakiotakis, Greek Minister for Shipping and Island Policy revealed on Thursday that the government would suspend payment of VAT for charter yachts for the whole financial year of 2020 as an initial step in an effort to mitigate the devastating effects of the Covid-19 pandemic on the sector.

Responding to a question from “newmoney.gr” during a tele-press conference, he said a joint ministerial decision to suspend the payment of VAT had been made, while adding that if the problems continue the measure would extend into 2021.

He also revealed that a major program to boost the capital of the companies in the sector is in the works, with the public sector acting in as a guarantor for 80%.

As he explained the state would try to assist the sector and the professionals in the industry to overcome the crisis.

Professionals in the industry have expressed serious concern about the lack of liquidity calling for a reduction of tax rates.