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
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.