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Greece 26% import levy abolished

In accordance with the law that was passed in March 2015 by the Greek Ministry of Finance a Greek company buying products or raw materials from a Cyprus company was deemed to have a preferential tax regime, as the corporate tax rate of the Cyprus company was below 13%, and therefore was subject to an import levy of 26%. This has now been abolished as a result of Greece’s latest Memorandum of Understanding with its international lenders.