Article 8
Competences and aid application procedures

24. Procedures and authorities with respect to mak-ing investments eligible for tax allowance and/or inter-est subsidy, and leasing programs eligible for tax al-lowance.
a. To be made eligible for tax allowance and interest subsidy, a relevant application shall have to be sub-mitted. Applications shall be submitted, throughout the year, to: 1) the central office of the Ministry of National Economy, for investments of over six hundred million (600,000,000) drachmas, and 2) the competent pri-vate investments departments of the Regional Au-thorities, for investments of up to six hundred million (600,000,000) drachmas. Such limits may be read-justed by virtue of decision of the Minister of National Economy.
Upon submission of application, a receipt should be produced proving the payment of the amount set by joint decision under para. 4 above, the provisions of which also apply to the eligibility for tax allowance and interest subsidy.
b. To be made eligible for tax allowance and interest subsidy, a relevant act should be issued by the Minis-ter of National Economy or the Secretary General of the Regional Authority, accordingly, within two months from the submission of the application or three months in the case of investments where any type of recom-mendation or approval by other services or bodies is required.
c. Applications seeking eligibility may be submitted after the investment has started being implemented, provided that it is submitted in the accounting period that the implementation started.
d. Applications seeking eligibility should include the statutes of the organisation, balance sheets of the last 3 financial years, brief description of the investment and the objectives to be achieved thereby, offers and pro-forma invoices for equipment, offers and accurate budgets for the proposed facilities, the loan approval of the lending bank, as well as any other document that may be required for precise determination of the investment type and cost.
In the case of investments where any recommenda-tion, designation or approval is required by other de-partments or bodies, the submitted documentation must meet the requirements thereof. In the cases where, according to the provisions herein, the ap-proval or agreement of other bodies is required, such approval or agreement should be submitted along with the application.
Applications seeking eligibility should also mention the term of the investment.
Prior to making an investment eligible, competent departments shall investigate the business activity, the type of investment, the proposed aided expendi-tures, the loan, as well as whether the terms, condi-tions and restrictions under article 6 above are met.
e. Site inspection of the completion and certification of the productive operation commencement, as well as verification of the cost for potential overcharge of investments eligible for tax allowance and interest subsidy, shall be conducted by the financing bank. The Minister of National Economy or Secretary Gen-eral of the Regional Authority, accordingly, may de-cide on the inspection of a specific investment by the inspection bodies of the Ministry of National Economy or Regional Authority, under para. 21, article 8.
The commencement of productive operation shall be certified following site inspection, provided that the investment is fully operating, purchases of raw mate-rials and sales of products or services have been car-ried out to an extent proving the facility's regular op-eration.
f. Investments for which no interest subsidy is re-quested and equipment leasing programs may be made eligible for tax allowance without prior submis-sion of application or issue of any act by any body.
g. All supporting documents to be submitted by the organisation, required data on the amount of the in-vestment and/or program and the duration of tax al-lowance, as well as additional books to be produced by the undertakings are defined by joint decision of the Ministers of National Economy and Finance. All investment and/or program inspection and statistical monitoring procedures applicable to undertakings benefited from tax allowance, as well as any other de-tail required for the application of tax allowance shall also be defined by virtue of the same decision.


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