Greek government offers tax-breaks to companies promoting innovation and research

The Greek government is offering tax-breaks to companies promoting innovation and research. A joint ministerial decision was recently published in the government’s gazzette offering another significant institutional tool for the support of innovative enterprises through tax breaks offered for spending on research equipment and scientific tools.

This decision, combined with a tax code, envisages that spending related with amortization of equipment used for research projects will be deducted from gross revenues of enterprises, raised by 30 pct. Additionally, the criteria of characterizing these spending are expanded, while clear and more favourable measures are introduced for innovative enterprises, adding amortizations both for buildings and operating spending.

Costas Fotakis, deputy Minister of Research and Innovation, commenting on the decision said: “These incentives contribute to the government’s central aim to create a new development model based on the knowledge economy”.