Greece: An Overview
Nestled in the southeastern corner of Europe, Greece is a country steeped in history, culture, and natural beauty. With a population of approximately 10.7 million, Greece is the 11th most populous country in the European Union. Its strategic location at the crossroads of Europe, Asia, and Africa has shaped its rich history, dating back to the Bronze Age.
Recent Economic Developments
Greece's economy has undergone significant transformations in recent years. After experiencing a severe financial crisis in 2010, the country implemented a series of austerity measures and structural reforms. These measures, coupled with external support, have led to a gradual recovery.
In 2023, Greece's economy is projected to grow by 3.5%, driven by strong performance in tourism, construction, and exports. The unemployment rate has fallen to 12.1%, the lowest level since 2009. However, Greece still faces challenges, including high public debt and a need for further economic diversification.
Tax Law Changes
The Greek government has implemented several tax law changes in recent years, aimed at improving the country's fiscal position and promoting economic growth. These changes include:
- Reduction of the corporate tax rate: The corporate tax rate has been reduced from 29% to 24%, making Greece more competitive in attracting foreign investment.
- Introduction of a new tax on digital services: A 3% tax has been introduced on the turnover of digital services provided by non-resident companies.
- Simplification of the tax system: The government has simplified the tax system by reducing the number of tax brackets and eliminating certain exemptions.
These changes are expected to increase tax revenue and make the tax system more efficient. They are also part of the government's broader efforts to improve the business environment and attract foreign investment.
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