Following the audits of previous development laws, two new decisions by the Minister of Development, Takis Theodorikakos, introduce an annual monitoring obligation for the certification of the completion and start of productive operation of investment projects under the development laws 2004, 2011, 2016 and 2022.

Under the new regulations, enterprises are required to submit to the competent authorities data documenting compliance with their obligations, as well as the approval decision of inclusion, within two months of the completion of each year of operation of the assisted investment. The submission procedure is carried out through the Information System of the Development Law (PS-An) or the Information System of State Aid (PSKE-Ep), ensuring full documentation and transparency.

At the same time, an annual random audit of 10% to 20% of enterprises that have been subjected to the development laws is established and includes the verification of the legal operation, financial data, jobs, production potential and compliance with the specific conditions of the decision of subjection.

Also, the sanctions framework is strengthened as fines are foreseen in case of non-submission or submission of inaccurate data, ensuring full compliance with investment obligations.

Finally, Tripartite Audit Committees are established, which review on a sample basis (30%) investment projects whose completion and start of production operation have been certified by chartered accountants or auditing companies. The audit shall be carried out within 45 days of the establishment of each Committee. In case of serious discrepancies, cases are forwarded to the Accounting Standards and Audit Committee for further review and possible disciplinary sanctions.

These regulations are another substantial intervention by the Ministry of Development that shields the state aid system and ensures that public resources are properly utilized for the benefit of the real economy. As Mr. Theodoricakos has stressed, “we must make transparency and accountability a reality, so that the money of Greek citizens is used for real productive investments that bring jobs and strong growth to the country”.