Also present was the Minister of National Economy and Finance, Kostis Hatzidakisthe Minister of Rural Development and Food, Konstantinos Tsiaras and the Minister of Tourism, Olga Kefalogiannithe Deputy Minister of National Economy and Finance, Nikos Papathanasisas well as the Government Representative, Pavlos Marinakis.
The specialization of the measures of the Ministry of Development by Mr. Theodorikakos:
The central goal of the government for the coming years is the convergence of the incomes and standard of living of Greeks with the European average, as well as the reduction of social and regional inequalities within our country.
A necessary condition for achieving this goal is the formulation and implementation of a new production model for our country, following the reforms carried out by the government.
The Ministry of Development is preparing together with the productive bodies more specific initiatives for this purpose in the next period.
Today we are detailing the important decisions and initiatives announced by the prime minister that contribute to sustainable economic development, improving the competitiveness of Greek businesses and social cohesion.
Measures and policies of the Ministry of Development:
– Specialization of the national strategy for strengthening the modern Greek industry
-Reform strategy to reduce red tape
-Expansion of incentives for innovation, mergers and acquisitions
–Golden VISA for investment in start-ups
National strategy for strengthening modern Greek industry
The formation and implementation of a new production model for our country goes through the even greater upgrading of the role of modern Greek industry, both in the production of the country’s GDP and in the employment sector.
This is a national necessity, but it comes to be associated with the key conclusions of the Draghi report on the EU, to strengthen Europe’s competitiveness, decisively support and strengthen investment in industry, directly link industry to research and innovation and addressing the critical problem of energy costs for businesses.
The aim of the national strategy is to strengthen the productivity of Greek businesses, to strengthen exports in the industrial sector and to implement a development plan in a number of critical sectors such as:
Examples:
- Agri-food sector that produces finished products
- Pharmaceutical industry and cutting edge biotechnology
- Metals, building materials and building equipment for the green cities of the future
- Production of equipment for renewable energy sources and energy saving
- Shipyard repair
- Software, artificial intelligence and digital economy applications
- Defense industry and robotics
- Research and product development units of multinational companies
For this purpose, the Ministry of Development within the next two months approves funding of 170 million euros for private investments related to these sectors and contribute to the green transformation of the economy with RRF resources.
Also, a program for the digital transition of small and medium-sized enterprises is being implemented with 85 million euros and a program to upgrade industrial parks financed by the Recovery Fund.
It has a total budget of 90.4 million euros, with the aim of encouraging the creation and development of green innovative business parks.
Red tape reduction strategy
The goal is to reduce the administrative bureaucratic burden for exporting companies by at least 25% within two years
Elimination of 15 time-consuming bureaucratic procedures with the aim of reducing the administrative burden by 25%, mainly in our export businesses.
The Ministry of Development is implementing a plan to reduce bureaucracy in the most time-consuming and costly administrative procedures of the state in two ways:
- With strict measurement methodology
- By removing unnecessary procedures
Expanding incentives for innovation, mergers and acquisitions
A basic condition for our economy to continue its upward trajectory is to make a qualitative leap, with an emphasis on the production of products and services with high added value, innovation and extroversion.
A necessary condition to achieve this is for Greek businesses to grow.
Because presumably larger firms are more internationally competitive, offer better quality and better paying jobs and have an increased capacity to invest and innovate.
New cases of granting increased percentages of deduction from the gross income of businesses, which currently amounts to 200%, are introduced for scientific and technological research expenses that are:
250% for collaboration projects with startups & or research centers
300% for knowledge-intensive SMEs (R&D expenditure > 20%)
315% for knowledge-intensive SMEs if they exceed the MO of the corresponding expenses of the previous 2 years.
- The incentive for commercial patent exploitation is extended.
– Today there is a 3-year exemption of the relevant profits from tax. With the new regulation, a 10% reduction in income tax is established for an additional 7 years after the end of the three-year period.
- The tax incentives for them are expanded angel investors.
-Today a deduction from the taxable income of a taxpayer-investor is provided, at a rate of 50% on the capital contributed to startups by companies registered in the National Register of Young Enterprises and up to 300,000 euros.
– With the new regulation, the upper limit increases to 900,000 euros.
- The minimum share capital limit of the new company resulting from a partnership/transformation is reduced to €100,000 from €125,000 to ensure a 30% tax exemption on profits.
- The possibility of carrying forward tax losses of transforming companies is established.
The fiscal cost based on existing business activity is estimated at €40 million per year, however multiple benefits are expected in the real economy.
It is recalled that from 2024, important investment incentives were implemented which include:
-The reduction of capital accumulation tax from 0.5% to 0.2% with an annual cost of 22 million euros.
-The reduction by 50% of the stock exchange tax with an annual cost of 21 million euros.
– The abolition of the interest tax on government bonds with an annual cost of 7 million euros.
Golden VISA for investment in start-ups
From April 2024, the criteria for the grant were further tightened Golden Visa.
Today, it is already possible to grant a Golden visa for a capital contribution of at least 400,000 euros to a company that has its headquarters or establishment in Greece.
This institution is expanding, focusing on startup businesses.
More specifically:
-From 1/1/2025, a residence permit will be granted in the form of a golden visa for an investment of two hundred and fifty thousand (250,000) in a startup company, a member of the National Register of Startups (Elevate Greece).
New measures: The Heracles program is increasing – “red loans” to 7.5% in March 2024
New measures: What changes in AirBnb, cruises and Golden Visa – Tax on agricultural oil is abolished
Menidi: The video that causes horror – Train goes through a crossing with the bars open
Marinakis for immigration: Greece will not become a punching bag
New measures: Increased tax incentives for acquisitions and mergers – Golden Visa for investments of 250,000 euros in start-ups
New measures for farmers: Incentives for investment, reduction of bureaucracy, production support
Airports: +5.4% increase in passenger traffic in the eight months of 2024
Androulakis: Open dialogue and not pre-emption in the debate of the six candidates
DYPA: Applications open for new green skills program for 50,000 workers
Chrysochoidis at an outpost in Kastanies: “Evros is armored”
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#Theodorikakos #measures #Reforms #simplify #economic #activity #bureaucracy
