VAT rate for concerts, musical events to drop to 3 pct as of January 1

The VAT rate for concerts and musical events will be lowered from 24 percent to 6 percent as of January 1, according to an amendment tabled and passed in Friday’s parliament plenary session, Deputy Finance Minister Katerina Papanatsiou said on Friday.

There will be no other reduction in related government-set fees, she said.

“This lifts another austerity measure and even improves upon the (pre-austerity) era, because pre-memoranda tickets for concerts had a reduced VAT rate of 13 percent. We are reducing it further to 6 percent,” Papanatsiou said.

She said it is hoped that the measure will support cultural events and encourage agencies to organise larger musical events in Greece. She added that it will also benefit agencies, and may provide an incentive for new job openings.