Page 4 - COMPASS - COMPETITIVENESS REPORT 2021 | COUNCIL OF COMPETITIVENESS IN GREECE

“COMPASS” REPORT 2021 – COUNCIL ON COMPETITIVENESS OF GREECE 3

It is with satisfaction that I welcome the new COMPASS, the 2nd Annual Report of the
Council of Competitiveness of Greece. It is a publication that traces the roadmap of
policies and activities for

the day after for the country, with an orientation towards resilience, strong competencies
and positive potential for the Greek economy, despite the unfavourable conditions
created by the unprecedented health crisis.
The Government is addressing the pandemic crisis and its consequences to the best
possible extent; with swiftness and efficiency, as acknowledged internationally. With
a coherent, methodical and dynamic plan, the Government reinforces public health,
supports households and businesses, and safeguards social cohesion. As regards the
CHRISTOS STAIKOURAS business community in particular, after recognising the problems that arose in the
Minister For Finance smooth functioning of the economy, targeted tools were designed and implemented,
with the below as main pillars:

1. Enhancing the liquidity of businesses through measures such as Repayable
Advance, the finance tools of the Entrepreneurship Fund (ΤΕPΙΧ) and the Guarantee
Fund, deferral of tax and insurance obligations, deferral of security payments, non-
payment of rent, etc.

2. Measures to reduce taxes and social security contributions, of which several – such
as the reduction of advance tax payments and lowered rates of income tax – are
permanent.

3. The enriched legal framework which provides incentives to support healthy
entrepreneurship and to attract investment and human capital. Already,
international business groups have given a clear and strong vote of confidence to
the Government’s economic policy and to our economy's prospects, implementing
significant investments.

At the same time, despite the adversities stemming from the health crisis, the
implementation of the Government’s reform programme continued, in areas such as:

• The new legal framework that aims to modernise corporate governance for limited
liability companies.
• Expansion of the tax base, and efforts to thwart the underground economy and
tax evasion by increasing digital transactions as well as via the new institutional
framework to reduce illicit trade.