Last Update: 15:08
Tourism is a vital economic sector in Greece as it accounts for around 18 percent of the country’s GDP and is responsible for creating one out of every five jobs.
However, the over taxation of tourism coupled with the lack of a clear zoning in the sector have contributed to investors’ apprehensions in investing in Greece.
According to ekathimerini.com, the president of the Greek Tourism Confederation (SETE), Yiannis Retsos, the prospect of placing a new tax on overnight stays at accommodations venues starting on January 1, 2018, would be detrimental to the industry. Retsos estimated that the new tax would result in an average rate hike of 5-6 percent.
SETE is planning to visit Prime Minister Tsipras’ office on Thursday of this week where hoteliers are expecting to discuss tourism over taxation.