Greece introduces new investment and development law
Greece’s new, omnibus development law aims to speed up and streamline new investment projects, while offering more targeted incentives for extroversion, innovation, digital transformation and green energy.
Under the law, introduced to Parliament this month, more efficient procedures will be implemented to evaluate new projects within 30 to 45 days. Εqually important, incentives will be grouped under 13 state aid schemes defined by investment category to make disbursement more effective than under prior development laws.
The new law specifies the types, content and method of payment of state aid, such as tax exemptions, direct grants, leasing subsidies, employment subsidies and risk financing. It also defines the level of state aid according to the regional or national importance of the project, as well as the maximum amount of aid.
Further, the law identifies the sources of funding for the various forms of state assistance, such as whether the incentives are drawn from national resources or European structural and investment funds.