Businesses to pay 30 pct less tax

Enterprises will pay 30 percent less tax on average based on the changes the government will bring to Parliament through the tax bill to be tabled in November.

The reduction of the down payment from 100 percent to 95 percent, and mainly the drop in the corporate income tax from 28 percent to 24 percent will lead to significant cuts whose combination could contribute toward the acceleration of economic growth.

The 5 percent reduction in the down payment for 2020 is a one-off, but Finance Minister Christos Staikouras has said that if at some point next year the government observes the fiscal leeway is greater than estimated, this will be used either for reducing the annual fee to practice a profession, or for the further increase of the minimum guaranteed income, or for another cut to the corporate tax down payment.

As most reports published in recent years show,...

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