Brussels, 29/09/2015 (Agence Europe) - On Monday 28 September, Greece announced that the special VAT scheme will end on 1 October for six Greek islands, in line with pledges made by the country under its third financial bailout. “It is clear that this development is a political necessity (and not a choice) which derives from the agreement with the institutions, and is a basic step to proceed with the review and the following steps,” explained the Greek government in a press release. As from Thursday, the three standard VAT rates of 6%, 13% and 23% will apply on the islands of Santorini, Mykonos, Rhodes, Naxos, Paros and Skiathos, as in the rest of the country. Other islands will see their special rates removed in 2016 and 2017.
On the same day, Greece announced a relaxing of capital controls. Greek bank depositors are still allowed to withdraw up to €420 per week, with the liberty to withdraw this sum in one transaction if they so wish. However, those who choose to transfer their money from foreign bank accounts into Greek banks will be able to withdraw an additional 10% of the transferred funds. The weekly limit on cash withdrawals for travelling remains at €2,000 per week per person. (Original version in French by Elodie Lamer)