Practice Areas

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Securing the interests of the State in cases of tax evasion

Law 2523/1997, as amended by Law 3943/2011, including administrative and criminal sanctions relating to the tax legislation, sets out in Article 14 measures to secure the interests of the State in cases of tax evasion. In particular, par. 1 stipulates that where a competent tax authority identifies, on the basis of a special audit report, infringements of tax laws consisting in failure to pay to the State a total sum exceeding EUR one hundred and fifty thousand (€150,000.00) relating to VAT, as well as withholding and cascading taxes, duties and contributions, tax offices shall not issue certificates or attestations for executing...

15 Apr 2013

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Summary of changes on transfer pricing legislation by virtue of Law 4110/2013

By virtue of article 11 of law 4110/2013 the legal provisions relating to transfer pricing that were contained in article 39 & 39A of the Income Tax Code and the provisions of article 26 of Law 3728/2008 were merged. The latter provision is abolished and now the rules are all part of the Income Tax Code, and more specifically articles 39, 39A, 39B and 39C. The changes are (in summary) the following: - Introduction of the concept of thin capitalization in Greek Tax Law, as far as loans between affiliated entities are concerned. - It is now obligatory that companies maintain a file...

11 Apr 2013

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Remedies against actions of the Administration in relation to public procurement bids according L.3886/2010

in Public Procurement, Special topics

1) Preliminary claim under article 4 L.3886/2010 A Preliminary claim shall be filed in Police Headquarters within 10 days from the notification of the Administration’s illegal action or omission and with full justification of the presented arguments. The claim must indicate in detail, which law provisions and tender requirements have been violated and the exact reasons of this infringement. The content of the preliminary claim must be the same with the content of the application for interim measures, which means that our arguments must be exactly the same.) Timetable: Filing of claim: within 10 days from the notification of the Administration’s action. Decision of the...

20 Mar 2013

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Preliminary confirmation of taxes at 50% and method of payment

Article 74(6) of the Income Tax Code stipulates that failing administrative resolution of the dispute and the lodging by the taxpayer of a timely appeal, the Head of the Tax Office shall immediately confirm 50% of the main disputed tax, additional tax and other taxes and duties confirmed with it. It is further established that the said amount shall be confirmed for payment upon lapse of the deadline for administrative settlement of the dispute and prior to referral of the appeal to the court, and is payable as a lump sum up until the last day of the month following confirmation....

20 Mar 2013

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Penalties in case of non-payment of confirmed debts

Article 25(1) of Law 1882/1990 as amended by law 3943/2011 provides the following: 1. A person who has failed to make payment at the tax or customs offices of any confirmed debts in favour of the State, public law legal entities, corporations and organisations of the general public sector for a period greater than four months shall be sentenced to imprisonment of: a) up to one year, where the total debt, however created, including all manner of interest or surcharges up to the date on which the debt table referred to in paragraph 5 was prepared, exceeds the amount of five thousand...

20 Mar 2013

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Option of settlement of debt to the State

Various provisions are established from time to time, which enable debtors to settle overdue debts to the State by repaying their debts in instalments, and be relieved from any surcharges due to overdue payment. The main law which sets out such facilities and is currently applied by tax offices is Law 2648/1998 (Articles 13 to 21 on repayment of overdue debts to the State in installments). Pursuant to the said provisions, debtors of overdue amounts payable to the State may be granted the option of repaying their debts in instalments past the statutory deadlines, provided that direct payment of the entire amount...

09 Mar 2013

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Taxpayer’s defense against tax assessment sheet

1. Appeal or Administrative resolution of dispute a. Appeal Under Article 66 of the Code of Administrative Procedure, an appeal regarding tax and customs disputes is generally exercised within thirty (30) days of its statutory serving to the person concerned or in any other case of him being shown to be fully aware of its content. b. Proposal to resolve an administrative dispute and / or lodge an appeal under Article 70 of the Income Tax Code. The debtor, against whom the sheet is issued, if he doubts its correctness, may also request, beyond the appeal against it, the administrative resolution of the dispute...

19 Feb 2013

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Increase of the share capital of a Greek S.A company

in Company Law, Special topics

According to article 13 par. 2 of C.L 2190/1920, the articles of association of an S.A. may provide that during the first five years of the company, the GA has the right to decide the increase –partially or totally- of the share capital by issuing new shares and up to a total of 5 times the initial share capital. It is noted that according to article 13 par. 4 b’, the increase of the share capital decided as above does not consist an amendment of the articles of association. The deadline for payment of the capital increase is determined by the...

19 Feb 2013

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Annulment of a General Meeting resolution of a Greek S.A. company