Article 1

The scope of this law is the development of private investments in Greece, and through these:

  • The contribution to the achievement of the regional development objectives.
  • The increase in the number of jobs.
  • The increase in the competitiveness of undertak-ings.
  • The restructuring of production sectors and indus-tries.
  • The utilisation of business opportunities in Greece and the greater international sphere.
  • The contribution to the protection of the environ-ment and energy saving.

Forms of aids provided

The following forms of aids shall be provided for the implementation of the eligible investments, programs and business plans, according to the provisions of this Law:

(a) A grant consisting in the offer by the Greek State of the amount necessary to cover part of the aided ex-penditure of the investment or business plan.

(b) Interest subsidy, consisting in the payment by the Greek State of a part of the interest paid for me-dium and long term loans, of a term no less than four years, received for the implementation of the aided expenditure of the investment.

(c) Leasing subsidy, consisting in the payment by the Greek State of a part of the paid instalments of the leasing contract, concluded for the acquisition of the right to use new mechanical and other equipment.

(d) Tax allowance up to a certain percentage or the entire value of the implemented and aided investment expenditure, or the leasing value of new mechanical and other equipment. Such aid consists in the exemp-tion from payment of income tax on the undistributed profits of the first decade from the implementation of the investment or program, with the creation of a tax-free reserve, equal in amount.

(e) Special incentives, apart from the aforemen-tioned, for particularly important industrial, mining and tourist investments, in excess of twenty five (25) bil-lion drachmas, provided for in the provisions under paragraphs 1, 2, 3 and 4, article 3, and para. 6, article 4 of the repealed Law 4171/1961 "On the implementa-tion of general measures for the support of the devel-opment of the country's economy" (Government Ga-zette 93 A'/1961).



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