The much-discussed reduction of VAT in food, which will come into effect on the 1st of August, will be ratified by the relevant Ministers and market representatives today.
The Minister of Finances Yannis Stournaras, Growth and Competition Kostis Hatzidakis, Tourism Olga Kefalogianni, as well as the Deputy Minister of Growth Thanasis Skordas will sign the deal with representatives of the GSEVE, SETE and other catering and employee unions.
Businesses that reduce their prices accordingly will be distinguished by a special sign, so that customers are aware of reduced prices. The new, reduced prices will be confirmed by examining data available from cash registers.
The Deputy Minister of Growth Thanasis Skordas explained that businesses will be given incentives to participate in their deal, while those who break it will be punished. The Ministry of Finances’ auditors are expected to begin their inspections on August 1st.