Tuesday, 16 March 2010

Expect a 2% increase in Greek translation costs

Greece raises VAT rate by 2%

Effective March 15, 2010, the Greek government raised its VAT (Value Added Tax) from 19 to 21%. This is only a part of a series of measures to manage ballooning state debt. Raising further taxes on fuel, tobacco, and alcohol on the one side and cutting public wages on the other side relieve the Greek budget of 4.8 billion Euros.

Therefore, any Greek-resident and VAT registered translator will be increasing his or her charges by 2%. This will impact primarily non-EU clients who cannot claim back or zero-rate this VAT.

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