Global investment and innovation incentives

New Development Law 4399/2016

Government announces second call for proposals on state aid schemes for mechanical equipment and new independent SMEs. On 29 March 2018, Greece’s Ministry of Economy and Development initiated the second call for proposals for the state aid schemes, “Mechanical Equipment” (Gazette 1271 Β’, 35979/29-3-2018) and “New Independent SMEs” (Gazette 1272 Β’, 35976/29-3-2018) under Law 4399/2016.

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Guidance clarifies tax treatment of scientific and technological research expenditure for 2017 onwards 

Greece’s Director of the Independent Public Revenue Authority has issued new supplementary guidance (POL.1210/2017) on the effective date of latest provisions of art.22A of Corporate Income Tax Code.

Specifically, art. 69 L. 4485/2017 states that provisions of art. 22A of Corporate Income Tax Code, as amended with L.4386/2016, are effective from 1.1.2017 onwards.

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New classification criteria for scientific and technological research (R&D) expenditure

The modernization of the eligibility criteria for research and development (R&D) expenditure is an important step towards converging Greek tax rules with international standards. A new joint ministerial decision issued on 29 June 2017 (and published in the official gazette on 11 July 2017) replaces the decision that has applied since 1987, generally incorporating the OECD guidelines (Frascati manual). The new R&D classification criteria align the Greek tax legislation with other EU jurisdictions, enabling a common R&D classification approach for tax super deduction and thus eases the European perspective on the Common Consolidated Corporate Tax Base (CCCTB). The updated definitions and broadened criteria for eligible R&D expenditure apply as from fiscal year 2017.

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Research – Create – Innovate

On 10 March 2017, Greece’s Managing Authority for Research, Technological Development & Innovation Programs (EYDE-ETAK) published a call for proposals under a single program supporting research and innovation in strategic priority sectors of the Greek economy, based on the conclusions of the National Research and Innovation Strategy for Smart Specialization (RIS3). Qualifying beneficiaries may receive cash grants under the program.

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New Development Law 4399/2016. Calls for proposals on four state aid schemes

On 19 October 2016, the first four Ministerial Decisions of Development Law 4399/2016 became effective, launching the submission procedures for the state aid schemes for General Entrepreneurship, New Independent Small and Medium-Sized Enterprises (SMEs), Aid for Mechanical Equipment and Large Investments.

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Grants announced for industrial and advanced functional materials

On 1 August 2016, Greece’s General Secretariat for Research and Technology (GSRT) announced an upcoming call for proposals for special activities supporting research, innovation and technological development, to be funded under the Partnership Agreement for the Development Framework (ESPA) 2014-2020. Eligible beneficiaries may receive cash grants.

One program, entitled “Industrial and advanced functional materials,” will support research and innovation projects in Greece
that are carried out by consortiums of research institutions and dynamic domestic enterprises.

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Grants announced for open innovation relating to culture

On 1 August 2016, Greece’s General Secretariat for Research and Technology (GSRT) announced an upcoming call for proposals for special activities supporting research, innovation and technological development, to be funded under the Partnership Agreement for the Development Framework (ESPA) 2014-2020. Eligible beneficiaries may receive cash grants.
 

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New Development Law 4399/2016

The new development law soon will be available to private sector investors seeking state aid for their investment plans in Greece.

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New ESPA 2014–2020 funding programs available

On 11 February 2016, the Greek Ministry of Economy, Development and Tourism announced four programs to provide grants to enterprises, under the National Strategic Reference Framework (ESPA) for 2014–2020.

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EU LIFE programme for 2015 open for proposals

The EU LIFE programme has launched two calls for proposals, underlining its commitment to support projects that protect the environment and tackle the impact of climate change.

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Documentation requirements for long-term obligations of subsidized investments, under investment laws

Ministerial Decision No. 76 008 published in official gazette B 3653 on 31 December 2014 establishes a new documentation requirements and procedures for investment projects initiated under investment laws 3908/2011, 3299/2004, 2601/1998 and 1892/1992.

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New ESPA programs announced

The Ministry of Development and Competitiveness recently announced that the first two funding programs under the Competitiveness, Entrepreneurship & Innovation Operational Program (ESPA) are expected to open in 2015:

• Dynamic Business program that targets existing small and medium-sized enterprises (SMEs) wishing to upgrade the organization of their business and operations.
• Business Opportunity program that targets long-term unemployed citizens wishing to start a business and hire an additional person.

Final announcements on the new programs are expected to be published after the new national institutional and regulatory framework for the projects are finalized; the programs will be co-financed under the terms of the new programming period 2014-2020.

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Preliminary announcement released on new NSRF (ESPA) programs

Under a recent General Secretariat for Research and Technology (GSRT) announcement, the first funding programs for research, innovation and technological development that are expected to be issued under the new National Strategic Reference Framework (NSRF), and should be of interest to the business community, include the following:

• Support for industrial utilization of research findings;
• Support for young, highly-qualified scientists in the preliminary stages of transforming innovative ideas into business plans, and support for their implementation;
• Development of integrated business structures in the agri-food sector through the introduction of innovative procedures; and
• A new Development Program for Industrial Research & Technology (PAVET).

Final announcements on the new programs are expected to be published after the finalization of the new national institutional and regulatory framework for the projects, which will be co-financed under the terms of the new programming period 2014-2020.