The Greek Ministry of Finance has announced that a proposal for a permanent reduction in the VAT rate for five Greek islands was discussed and approved during a recent Eurogroup meeting, subject to the condition that facilities for asylum seekers operate on the islands. This includes the 30% reduction of the standard VAT rates for the islands of Chios, Kos, Leros, Lesbos, and Somos, which was most recently extended to 30 June 2021. The permanent reduction for the five islands requires legislative approval, which is expected in the near future.