2024-01-02 16:52:45
The record for tax refunds was broken by AADE in 2023. Last year, as revealed by Giorgos Pitsilis, “tax refunds exceeded 6.8 billion euros while at the same time pending refund applications decreased by 40%”.
According to the head of AADE, the outstanding refunds reach 1.8 million euros, but as he explained, many of them cannot be completed because the taxpayers have not declared the IBAN of the bank account to AADE, as a result of which they end up in the drawers of the tax authorities. Also last year, 375,000 minors aged 12-17 years automatically obtained VAT numbers without their parents having to apply.
Dependence on foreigners
Based on the global index prepared by the international company of real estate appraisers and consultants Knight Frank, the Greek residential real estate market in the 3rd quarter of 2023 is ranked 3rd highest among 56 countries in terms of the average annual increase in nominal prices.
The annual rate of change in housing prices for the whole of our country was 11.9% in the period July – September 2023, with the cumulative increase since 2017 reaching 57.5%, according to data from the Bank of Greece (TtE). Based on the apartment price index compiled by the Central Bank for the entire country, the highest value of the index was observed in the year 2008 (101.7) and then followed a steady downward trend, to record the lowest value in 2017 (59).
Since then, the apartment price index has recorded a steady upward trend, reaching 92.9 in Q3 2023, just 8.65% short of its all-time high. However, as can be seen from the figures of the Bank of Greece, during this period the difference in the market is made by foreign investors, while purchases by Greeks are limited and are made with equity capital. So given that the market remains highly dependent on foreign capital inflows, corrections are not out of the question.
Legislative changes to discounts are coming
The Ministry of Development is preparing a legislative initiative, which will not allow discounts, which are offered on products that have been repriced before the discount. According to information, it will be ready in the first quarter of 2024. At the same time, the ministry will emphasize controls to combat illegal profiteering. Controls will be intensive and will continue as long as the inflationary crisis lasts. However, the law against unfair profiteering has already been extended for the next six months.
From Wednesday again the festive hours
Commercial stores and supermarkets will be closed today, Tuesday, January 2, 2024. The market will return to festive hours from Wednesday, while normal hours will apply after 8 January 2024 when the winter sales start.
Dilemma from Saudi Arabia
Foreign companies operating in the kingdom are being told to locate their regional headquarters inside Saudi Arabia or lose hundreds of billions of dollars in government contracts under new legislation that took effect yesterday. This new regulation, however, provides several exceptions, such as contracts below 1 million riyals ($266,681), contracts performed outside the kingdom, agreements with companies that are the sole providers of their service or merchandise, and emergencies that can only be addressed by a foreign company without regional headquarters.
Companies that do not move their regional headquarters to Saudi Arabia will still be able to bid for government contracts, but government agencies will only be able to approve them if they are technically superior and 25% cheaper than the next best offer, or if there are no competitors Offers.
Exit from Southern Iraq
In the hands of PetroChina, the American energy giant ExxonMobil handed over the West Qurna 1 field in Southern Iraq, officially leaving the field. As Reuters reported, senior Iraqi oil officials met with executives from ExxonMobil, PetroChina and Basra Oil Co on Monday at the West Qurna 1 field near Basra to mark Exxon’s full exit and the handover of its operations to PetroChina. . Following Exxon’s exit, PetroChina holds the largest stake in the field.
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