Min­istry tries to meet in­cen­tive obli­ga­tions

Kathimerini English - - I N T E Rv I E W - DIM­I­TRA MANIFAVA

The Econ­omy Min­istry is con­sid­er­ing chang­ing in­vest­ment in­cen­tives from sub­sidy- to tax-re­lated, as well as in­tro­duc­ing ex­tra­or­di­nary lend­ing by in­vest­ment banks and ex­clud­ing projects un­likely to be com­pleted, in a bid to cover the fund­ing com­mit­ments of 4.6 bil­lion eu­ros con­cern­ing the projects ap­proved un­der the two pre­vi­ous in­vest­ment in­cen­tives law, of 2004 and 2011.

Min­is­ter Gior­gos Stathakis told a press con­fer­ence yesterday that the min­istry is con­sid­er­ing com­ing to an agree­ment with in­vestors whose plans have been ap­proved un­der the pre­vi­ous in­cen­tives laws, so as to switch the in­cen­tives granted from pe­cu­niary to tax ex­emp­tions and to con­vince them to switch to the pro­vi­sions of the new in­vest­ment in­cen­tives law, to be voted on by Par­lia­ment by the end of the year.

In or­der to cover its obli­ga­tions, the min­istry will re­sort to loans from in­vest­ment banks, in the hope its needs will be less than the cur­rent 4.6 bil­lion eu­ros pro­vided some projects are ex­cluded. The min­istry is also plan­ning to in­tro­duce changes to the fast­track in­vest­ment ap­proval sys­tem, in­clud­ing the re­duc­tion of the min­i­mum in­vest­ment thresh­old to be­low the cur­rent 100 mil­lion eu­ros.

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