The institutions, which are licensed and supervised by the Bank of Greece are both credit/financial institutions and insurance companies:...
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(Independent Authority for Public Revenue (IARP) circular No 2018 of 28.1.2019) It follows from the combination of the provisions of the DTTs regarding the tax treatment of dividends, that the State of tax residency of the shareholder may tax the dividends arising in the other State, but must credit its own tax on such dividends, to the tax paid in the State in which the dividends arise, at the rate specified in the relevant provisions of the relevant DTT. However, some Double Tax Treaties include the article on elimination of double taxation provisions on the credit and on the corporate tax attributable...
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Greece has recently become a popular destination for third country citizens who wish to have their civil marriage in Greece. The procedure to be followed and the documents to be collected are the following : I) Civil marriage license The procedure for a civil marriage must be completed in accordance with the following requirements. The competent authority for the issuance of a civil marriage license is the Municipality of the area where the marriage is to be performed. The following supporting documents are required for the issuance of the license: An application of the parties involved A copy of valid passport or birth...
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Many of the shareholders' rights are usually mentioned in the articles of association of an S.A., provided of course that these are not the standard articles of association, which only contain the minimum content required by law. The articles of association, which is an agreement between shareholders, often also serves as a user manual for the meetings and decisions of the general meeting and the board of directors of an SA. After the repeal of Law 2190/1920 and the entry into force from 01.01.2029 of the most recent law on S.A., Law 4548/2018, many S.A. have not yet harmonized their statutes...
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According to article 144 of Individual Labour Law Code there is a requirement to pay per diem in Greece in cases when the employee stays away overnight. In particular, for each night away from home, per diem is equal to the statutory daily wage or 1/25th of the statutory monthly wage for employees paid on a monthly salary and there is no relation with either the country of destination or the duration of the business trip day. Unless otherwise agreed, it can be paid at the end of the month when the trip has taken place, together with the monthly...
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Following the amendments introduced with Law 5036/2023 regarding the taxation of dividends from shipbroking companies and related businesses as well as of the bonuses paid to the directors and personnel of these companies and of ship-management companies in Greece, the Greek Independent Authority for Public Revenue (IAPR) has issued Decision A. 1175/2023 which amends the former Decision A. 1223/2019 for the content of the relevant tax return for such income. In a nutshell: Dividends Dividends paid or credited, in accordance with the provisions of article 43 par. 5 of law, to an individual-Greek tax resident by: foreign companies of any type which have...
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General rule for B2B services According to the provisions of Article 14 par. 2 a) of the VAT Code (Law 2859/2000), as in force from 01.01.2010, the supply of services to taxable persons acting as such is taxed, as a general rule, at the place of establishment of the recipient of the services (general B2B rule). Admission to cultural, artistic, sporting, scientific, educational, entertainment and similar events granted to taxable persons. According to the provisions of Article 14 par. 8 of the VAT Code, as in force from 1.1.2011, admission to cultural, artistic, sporting, scientific, educational, entertainment and similar events which is...
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Additional obligations for customs related obligations Acquisition of a Greek VAT number through the appointment of a Fiscal representative The concept/requirement of a Fiscal Representative for VAT purposes The appointment of a Fiscal Representative for VAT purposes is provided by the Greek VAT legislation (Law 2859/2000-Greek VAT Code) and is actually a requirement (obligation) for cases where a company that is not established in Greece carries out activities in Greece that create VAT liabilities in Greece and for which the company must obtain a Greek VAT number in order to fulfil its compliance/reporting VAT obligations and pay the Greek VAT to the State. Among...
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The Greek tax number (AFM) is a single and unique number assigned by the Tax Administration to an individual or legal person/legal entity, local or foreign, that is going to carry out business activities in Greece or become liable to pay tax or to submit any declaration in Greece [articles 10 and 11 of the Tax Procedure Code - Law 4987/2022]. The issuance of A.F.M. is carried out before the competent Tax Office online or in person. Apart from the issuance of AFM, the issuance of personal tax codes (“kleidarithmos” in Greek) is required as well in order to receive access...
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The transfer of real estate property involves a series of steps and procedures, which require the assistance of certain persons. The notary plays a primary role, as they coordinate and execute the process in substance, while the engineer conducts the necessary technical inspection and proceeds to the issuance of the required documents. Although not mandatory, the role of the lawyer is considered particularly important, in the case of a real estate purchase, as they assure the buyer of the legal status of the property. The final stage of each transfer is the registration at the competent local cadastral office, something...
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