Ministry of Development: New strict framework of controls for subsidies to investment projects

Following the audits of erstwhile improvement laws, 2 caller decisions by the Minister of Development, Takis Theodorikakos, present an yearly monitoring work for the certification of the completion and commencement of productive cognition of concern projects nether the improvement laws 2004, 2011, 2016 and 2022.

Under the caller regulations, enterprises are required to taxable to the competent authorities information documenting compliance with their obligations, arsenic good arsenic the support determination of inclusion, wrong 2 months of the completion of each twelvemonth of cognition of the assisted investment. The submission process is carried retired done the Information System of the Development Law (PS-An) oregon the Information System of State Aid (PSKE-Ep), ensuring afloat documentation and transparency.

At the aforesaid time, an yearly random audit of 10% to 20% of enterprises that person been subjected to the improvement laws is established and includes the verification of the ineligible operation, fiscal data, jobs, accumulation imaginable and compliance with the circumstantial conditions of the determination of subjection.

Also, the sanctions model is strengthened arsenic fines are foreseen successful lawsuit of non-submission oregon submission of inaccurate data, ensuring afloat compliance with concern obligations.

Finally, Tripartite Audit Committees are established, which reappraisal connected a illustration ground (30%) concern projects whose completion and commencement of accumulation cognition person been certified by chartered accountants oregon auditing companies. The audit shall beryllium carried retired wrong 45 days of the constitution of each Committee. In lawsuit of superior discrepancies, cases are forwarded to the Accounting Standards and Audit Committee for further reappraisal and imaginable disciplinary sanctions.

These regulations are different important involution by the Ministry of Development that shields the authorities assistance strategy and ensures that nationalist resources are decently utilized for the payment of the existent economy. As Mr. Theodoricakos has stressed, “we indispensable marque transparency and accountability a reality, truthful that the wealth of Greek citizens is utilized for existent productive investments that bring jobs and beardown maturation to the country”.