08 Jul 2015

Sticky

Update on tax administration and policy in Greece, July 2015

Quite surprisingly, after its election in January, the government did not seek to replace the General Secretary of Public Revenue, Mrs. Aikaterini Savvaidou, a reputable technocrat whose professional career is very distant from its philosophy. However, the fact that she stayed in office may not be a voluntary political decision; it is also due to the commitment of the previous government to establish a rigid political independency for this Secretariat, which for decades in the past had been subject to political intervention. A major (albeit anticipated) change was the appointment of a new deputy minister of finance, Mrs. Nadia Valavani...

26 Jun 2015

0 Comments

Sticky

Taxation of benefits in kind under Greek law

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

Applicable legal provisions A. New Greek Income Tax Code (Law 4172/2013, hereinafter the “ITC”)  Article 12 defines the meaning of the gross income received from salaried work and pensions and clarifies the income cases included.  Article 13 defines the meaning of the benefits in kind and their special types and states how their tax value determined.  Article 14 par.1 defines what is excluded when calculating income received from salaried work and pensions.  Article 60 par.1 defines the withholding tax rate which is applicable for the gross income received from salaried work and pensions. B. Circulars  No. 1219/06.10.2014 provides further details about the...

12 Jun 2015

0 Comments

Sticky

Vacation leave entitlement for salaried employees

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Labor & Employment, Special topics

For the vacation leave of the newly recruited employees, the following shall apply: Each salaried employee from the beginning of his employment until the completion of a 12 month continuous employment, he is entitled to receive percentage of his annual leave with pay. This percentage is calculated based on the 24 working days annual leave (6 working days per week system) or based on the 20 working days annual leave (5 working days per week system) Therefore: -6 working days per week system -> 24 days of leave/12= 2 days per month -5 working days per week system -> 20 days of leave /12= 1,666...

12 Jun 2015

0 Comments

Sticky

The main tax developments in Greece between May 2014 – May 2015

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

From 1 January 2014, in the middle of an austere budgetary approach, the new Income Taxation Code (Law 4172/2013), which had already been published since July 2013, was entered into force. It is a piece of legislation directed towards the simplification and practical treatment of tax issues, which in its entirety comprises provisions of general formulation, which require further clarifications as to their regulatory object and scope. Thus, from May 2014 to May 2015, in addition to some legislative reforms, numerous circulars of the Ministry of Finance were also published. They are briefly listed below: 1. Value Added Tax (VAT) Code In August...

13 May 2015

0 Comments

Sticky

Categories of residence permits

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Immigration Law, Special topics

The categories of residence permits are as follows: A) Work permit for business purposes: A1. Employees with dependent employment relationship - provision of services - provision of work Α2. Special purpose employees A3. Investment activity Α4. Highly qualified employment - ‘EU Blue Card’ B) Temporary residence (employment with a national visa) B1. Seasonal work B2. Fishermen B3. Members of art ensembles Β4. Third-country citizens transferred from a company established in a Member State of the European Union or the European Economic Area in order to provide services Β5. Third-country citizens transferred from a company established in a third-country in order to provide services Β6. Leaders of organised tourism groups B7. Athletes, coaches Β8. Third-country...

15 Apr 2015

0 Comments

Sticky

Establishing an office pursuant to Emergency law 89/1967 (Law 3427/2005)

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

Article 1 of Emergency Law 89/1967, as amended by Law 3427/2005 allows foreign companies to establish themselves in Greece for the sole purpose of providing their central offices or undertakings affiliated with them (within the meaning of Article 42e of Law 2190/1920) not established in Greece with consultancy services, central accounting support, production quality control services for products, procedures and services, or for the purpose of preparing studies, designs and contracts, or engaging in advertising and marketing, data processing, data collection and R&D. In order for foreign companies to come within the scope of the provisions of that Law, an application...

15 Apr 2015

0 Comments

Sticky

Taxation of offices established pursuant to Emergency Law 89/1967 (Law 3427/2005)

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

Article 2 of Emergency Law 89/1967, as amended by Law 3427/2005 and Law 3752/2009, states that the gross income of such companies from the services they provide, which must necessarily be collected via bank transfers, must be computed by adding a mark-up to all manner of expenses and depreciation, other than income tax (the cost-plus method). The mark-up applied by each company is determined based on the criteria contained in the regulatory decision of the Ministry of Economy & Finance following an inspection by a Committee established by the Ministry, whose members are appointed by the Minister himself. That mark-up is...

15 Apr 2015

0 Comments

Sticky

Residence permits for foreign employees and legal representatives of offices established pursuant to Emergency Law 89/1967 (Law 3427/2005)

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Immigration Law, Special topics

Article 17(1)(d) of Law 4251/2014 (the Hellenic Immigration Code) allows third country citizens who are employees and legal representatives who will work exclusively in companies in the Law 3427/2005 scheme to enter Greece after they have obtained a Greek entry visa. These third country citizens will be given a 2-year residence permit or a permit valid for the length of their planned stay in the country, which may be renewed every 3 years provided they continue to meet the conditions laid down by the law. Third country citizens may be accompanied by family members who will receive a residence permit...

09 Apr 2015

0 Comments

Sticky

Explanatory Circular no 58037/2014

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Immigration Law, Special topics

Athens 8 of April 2015 Pr. No 58037/2014 Holders of residence permits for other reasons Third country citizens entering or permanently residing in Greece for one of the reasons cited in Law 4251/2014 who apply to obtain or renew a residence permit of a type which allows them to be insured with a private insurance provider, can submit: • Insurance contracts entered into abroad, provided those contracts expressly indicate that they cover the person concerned for such time as he resides in Greece or • Insurance contracts entered into in Greece. The contracts will be accepted if they do not include deductibles and special additional covenants...

08 Apr 2015

0 Comments

Sticky

The electronic signature in Greek law

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Civil Law, Special topics

By virtue of Presidential Decree 150/2001, Directive 99/93/EC of the European Parliament and of the Council on a Community framework for electronic signatures was incorporated in the Greek law. Pursuant to such framework, an electronic signature, namely data in electronic form which are attached to or logically associated with other electronic data and which serve as a method of authentication is regarded as legally equivalent to hand-written signatures both in substantive law and in civil procedure law only if the essential and formal requirements laid down below are fulfilled. Essential requirements to be met so that the electronic signature is regarded as...

Practice Areas

Contact details