On 20 April 2016, the Greek government reached an agreement with its creditors that includes an increase in the standard value added tax (VAT) rate from 23% to 24% in order to help meet its budget requirements. Greece will also reportedly increase the current reduce VAT rate of 6%, which applies to books and newspapers among others, although the amount of the increase is not yet known.
The increase in the standard rate to 24% will apply from 1 July 2016.