Law 3777/2009 was passed in compliance with Directive 2005/56/EC issued by the European Parliament and the Council of the European Union with regards to cross-border mergers of capital companies (i.e. SA companies, limited liability companies, etc) between different member-states....
Continue readingThe costs of the notarial act’s signature includes the notary's fee - which is usually paid by the purchaser, as well as the lawyer's and the estate agent’s (if any) fee for each party.The cost of the contract’s recordation, paid by the purchaser, includes the recordation fee of the Land Registry Office and/or the Cadastre Office....
Continue readingWith articles 285-292 of Law 4072/2012, the State has for the first time attempted to regulate -even though in a loose manner- issues concerning the silent partnership, a corporate form that always used to appear very frequently in practice, but was barely regulated by Law. Due to this lack of non-exhaustive legislative regulation, the silent partnership constitutes the corporate type where the principle of contractual freedom has known its greatest implementation, with partners having the power to regulate their (internal) partnership relations totally freely....
Continue readingThe combined meaning of article 651 Civil Code which states that “unless something else applies on the basis of the agreement or the circumstances, the employer must fulfill his obligation personally and the employer’s claim is not alienable” and 361 & 648 Civil Code, suggests that an agreement, according to which the employer who has the employee’s services at his disposal can concede his claim for the said services to another person with the employee’s consent (which can be provided in whatever way, explicitly or implicitly, to the original or the subsequent employer), insofar as this relationship is based on...
Continue readingAt the time of the company’s incorporation, statutory provisions have to be published regarding the following matters: 1) Company name 2) Registered seat 3) Corporate object 4) Company’s duration, 5) The amount of the share capital and manner of its contribution (cash or contributions in kind) 6) Shares (number, type of shares and nominal value) 7) Corporate financial year (beginning-end) 8) Regular auditors (if any) 9) Complete information (identification data) of the Members of Board of Directors and information regarding the company’s representation. The following information has to be published during the company’s opperation: Each year: 1) The annual financial statements (balance sheet, income statement, income appropriation account and Notes). 2) The invitation...
Continue readingInformation which has to be published at the time of incorporation: 1) name of the sole shareholder or shareholders 2) inclusion in or deletion from the company name of the word “sole-shareholder” 3) the company’s website 4) appointment of a company operator 5) assessment of the partners’ capital contributions in kind 6) statutory provisions concerning the following data: i) name, surname and e-mail address of the partner ii) corporate name iii) company’s seat iv) corporate object v) the fact of the company being an IKE company vi) share capital, partners’ contributions and kind of contributionsvii) shares total viii) initial amount of the partners’ shares and the kind of contribution they represent ix) operator and...
Continue readingThe provisions of Article 49 of the Greek Income Tax Code (Law 4172/2013), as in force having been amended by the provisions of Article 23(4) of Law 4223/2013 and further amended by Article I(D)(D1)(12) of Law 4254/2014, introduced thin capitalisation rules to combat abuses. ...
Continue readingIn respect to the taxation on Management Board Member’s fees and dividends provided by a corporate body or legal person or legal entity with registered offices in the UK, the following apply: According to the new Income Tax Return Code (Law 4172/2013, from now on “ITRC”), the taxpayer that is a tax resident of Greece, is under the obligation to pay taxes based on his global income. A. Dividends taxation Income from dividends is considered a capital income (article 35 of ITRC) and is being taxed at a rate of 10% (article 40 par. 1 of ITRC). When a Greek national taxable natural person...
Continue readingThe fundamental rules of taxation in Greek law The fundamental rules of taxation in Greek law are contained A) in article 4 §§ 1 & 5 of the Greek Constitution which read as follows: 4§1 “Greeks are equal as against the Law”; 4 §5 “Greek citizens contribute without discrimination to public fees depending on their powers” B) in article 78 §§ 1 & 2 of the Greek Constitution: 1) No tax is imposed or collected without a formal law that sets the object of taxation, the income, the nature of property, the expenses or the transactions to which the tax relates...
Continue readingΤhe main taxes imposed on individuals The main types of taxation on individuals are income and capital taxes. Of course, there are also many other forms of indirect taxes, mainly on transactions and consumption. Income taxation is the most important tax that affects individuals. The two main categories of capital tax are tax on inheritance/gifts inter vivos/lottery gains and tax on the transfer of real property. In the present chapter we deal only with 1) income tax 2) tax on inheritance/gifts inter vivos/lottery gains; A. Income tax on individuals 1) Who is subject to income tax in Greece? Subject to income tax in Greece...
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