VAT Rate Changes as from 13.01.2014 & Social Insurance Contribution Changes as from 01.01.2014

Dear friends and associates,

Merry Christmas and a Happy New Year!
In 2014 the following changes will take place for some VAT rates (applicable form the 13th of January 2014) and the Social Insurance Contributions  rates (applicable from the 1st of January 2014);
A. VAT Changes
From 13th January 2014 the following VAT changes will take place;
1. The standard VAT rate will change from 18% to 19%.
2. The reduced VAT rate that applies to restaurants, supply of food, accommodation as well as other services will change from 8% to 9%.
3. The reduced rate of 5% will remain unchanged.
B. Social Insurance Contribution Changes
As from 01 January 2014 the rate of social insurance payable by the employee and the employer will increase from 6.8% to 7.8% (on the gross salary of the employee). 
Please feel free to contact us for any query resolution. As always, we will contact you also directly to notify you accordingly.