Article 2
Distinction of investment organisations - stipulation of the form of aid

1. For the implementation of the aids of this law, the organisations (companies or individual businessper-sons) of the business activity stipulated in article 3, are distinguished into new and old.
New organisations: are newly founded corporate or private undertakings, as well as those submitting an application for the aids of these presents within the first five years from their establishment or, in case of private undertakings, their commencement of trade. Companies created from the conversion of another company or private undertaking, or from a merger of companies or private undertakings, or those that ab-sorbed another company or private undertaking or a branch of another company or undertaking, or were absorbed by another company, shall be not consid-ered as new organisations, provided that one of the above companies or private undertakings constituted an old organisation prior to the conversion, merger or absorption.
Old organisations: are those submitting an applica-tion for the aids of these presents beyond the first five years from their establishment or, in case of private undertakings, the commencement of trade.

2. a. For investments and/or equipment leasing pro-grams of new organisations, all forms of aids shall be provided, alternatively, as follows:
i. Grant and interest subsidy and/or leasing subsidy.
ii. Tax allowance and interest subsidy.
b. For investments and/or leasing programs for new mechanical and other equipment of old organisations, only tax allowance and interest subsidy shall be pro-vided.

3. What is stipulated in paragraph 2 above shall not apply in the case of:
i. Business plans of old organisations: under sub-instances (xv) and (xvi), of instance (a), of para. 1, ar-ticle 3, under the sub-instance (v), of instance (e), of para. 1 of the same article, as well as under sub-instance (xii), of instance (g), of para. 1 of the same article, for which only a grant shall be provided. For the rescue and restructuring business plans under para. 2, article 10, for which all forms of aids of these presents may be provided, as well as other forms of aids that may be stipulated by virtue of joint ministerial decision of the above paragraph, except for tax allow-ance and any other tax related aid, provided that they shall be submitted by old organisations.
ii. For investments and/or equipment leasing pro-grams, particularly important for the national econ-omy, both of new and old organisations, in excess of twenty five (25) billion drachmas, under article 10, for which all forms of aids may be provided alternatively, in conjunction with paragraphs 1, 2, 3 and 4, article 3 and paragraph 6, article 4 of Law 4171/1961.
iii. For investments concerning the complete mod-ernisation of hotel facilities and tourist camping facili-ties, effected by old organisations, for which all forms of aids may be provided, alternatively.
iv. For investments concerning the creation of public car parks, effected either by new or old organisations, for which only an aid per new lawful parking place shall be provided.
v. For the categories of investment expenditures under sub-instances (xvii), (xviii), (xix) and (xxi), of undertakings under instance (a), of para. 1, article 3, effected either by new or old organisations, for which only a grant shall be provided.
vi. For the enacted special aid statuses under para. 1, article 10, for which any deviations from the general rules under paragraph 2 above, shall be stipulated by the presidential decree for enactment thereof.
vii. For investments of undertakings of the Local Government Organisations (O.T.A.), or the prefectural local authorities or co-operatives, under instances (j) and (l) of para. 1, article 3, effected by old organisa-tions, for which all forms of aids may be provided, al-ternatively.
viii. For investments and or equipment leasing pro-grams under instance (u), of para. 1, article 3, only a grant and interest subsidy, and/or equipment leasing subsidy shall be provided.
ix. For investments of engineering companies under instance (v), of para. 1, article 3, only a grant shall be provided.



   Investment Law

 

 

 

 

 

 

 


   <<other articles