The legislation for the deal between Greece and its international creditors for a European Stability Mechanism (ESM) package was submitted to the Greek Parliament on Tuesday evening with an urgent status. The legislation is composed of two articles. One contains the agreement reached during the Euro Summit. The second article contains the new measures the government has agreed to implement with a significant portion being extensive taxation schemes. The new measures include VAT reforms with 6%, 13% and 23% rates, depending on the type of service and product. Aegean islands will also lose the special VAT rate they have enjoyed, though some of the more remote islands will be able to keep it. Certain luxury taxes will also be raised while there will be an increase in the solidarity tax rate ranging from 0.7% to 8%, according to income levels. Aside from taxation, the rest of the second article focuses on reforms in the Hellenic Statistical Authority (ELSTAT). Greece’s Parliament is expected to vote on Wednesday evening.
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