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Iason Skouzos - TaxLaw > Practice Areas  > Tax Law (Page 10)

New Tax Procedure Code

In late July 2013 a Tax Procedure Code was adopted by the Greek Parliament, in principle applicable from January 1st, 2014 onwards. The new law aims at incorporating into a single text all the provisions relating to administrative procedures applicable to taxation (e.g. tax returns, tax assessment, collection of taxes, tax audits, surcharges, complaints and appeals etc.). The most significant amendments introduced by the law are the following: General Anti-Avoidance Rule (GAAR) A general anti avoidance rule is introduced for the first time into Greek tax law. According to this rule, the tax authority may disregard any artificial arrangement or series of...

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New Real Estate Tax

From 2014 and for each year subsequent thereto, a new tax is levied on real estate property located in Greece, namely the Unified Real Estate Tax (U.R.E.T.), upon introduction whereof the current Real Estate Tax (RET) is abolished. U.R.E.T. is equal to the total sum of a) the main tax on each real estate plus and  b) an additional tax on the total value of each taxable person’s rights on real estate property, on which U.R.E.T. is levied, and is mainly levied on the following rights on real estate located in Greece and owned either by individuals or legal persons or...

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New Income Tax Code

In late July 2013 a new Income Tax Code (ITC) was adopted by the Greek Parliament, applicable from January 1st, 2014 onwards. In essence, the new ITC is featured by a completely new conception consisting in the introduction of general principles instead of an extensive enumeration of specific cases and a system of insight in the substance rather than in the form of a specific transaction or arrangement in general. In brief: • The basic tax rates are not amended, however the new law provides for 4 main categories of gross income, based on the nature of its source, and in effect it...

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Tax residency: coming or going; do you know where you are?

At the annual conference of the International Bar Association, that took place in Boston, U.S.A.  in October 2013, the Taxes Committee of the IBA presented a panel discussion named “Tax residency: coming or going: do you know where you are?” on tax residency issues and how these are tackled in various jurisdictions. Theodoros Skouzos was the reporter of the session to the Taxes Committee, and this report was published on Vol. 20 No 1 of the Taxes newsletter issued by the Legal Practice Division of the IBA (February 2014). This presentation is a summary of what was discussed in the session. The panel1...

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New Unified Real Estate Tax (U.R.E.T. – ΕΝ.Φ.Ι.Α., Law 4223/2013)

From 2014 and for each year subsequent thereto, a new tax is levied on real estate property located in Greece, namely the Unified Real Estate Tax (U.R.E.T.) - ΕΝ.Φ.Ι.Α., upon introduction whereof the current Real Estate Tax (RET - ΦΑΠ) is abolished. U.R.E.T. is equal to the total sum of a) the main tax on each real estate plus b) an additional tax on the total value of each taxable person’s rights on real estate property, on which U.R.E.T. is levied. For assessment purposes, the actual condition of each real estate as evidenced by the definitive entry in the Cadastral Office’s records;...

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Special lump sum contribution of Article 18 of Law 3758/2009

Through its judgment 1685/2013 the Plenary Session of the Supreme Administrative Court (Conseil d’ Etat) ruled, that Article 18 of Law 3758/2009, by virtue of which a special lump sum contribution was imposed on income earned in 2007, is not contrary to the Greek Constitution. The date of hearing of this case was scheduled in the first instance on a “preferential” basis, i.e. soon, in the context of the institution of the “model process”, in view of the fact that many similar recourses for the same issue had already been filed, so that the date of hearing of other similar cases,...

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Definition of a permanent establishment according to the new Greek Income Tax Code

By virtue of article 6 of the Greek Income Tax Code, as recently codified by law 4172/2013 (23.7.2013), a new definition of a permanent establishment is provided, as follows. Article 6 Permanent establishment: 1. “Permanent establishment” means the specific place of business through which the undertaking carries out business in whole or in part. 2. The term “permanent establishment” includes mostly: (a) an administration site, (b) a branch, (c) an office, (d) a plant, (e) a workshop, and (f) a mines, an oil or gas source, a quarry or any other place of natural resource mining. 3. The worksite or a construction or assembling project or supervision activities related thereto shall be considered...

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Luxury taxes

There are two different luxury taxes at the moment in Greece, one established in 2010 (law 3833 "Special tax on luxury goods") and one established in 2013 (law 4111 "tax on luxury living"). "Special tax on luxury goods" is in fact a sales tax imposed at different percentages as follows: a) at a rate 10% to 40% for new cars above a certain purchase value. b) at a rate of 20% for aircrafts and helicopters for private use. c) at a rate of 10% for jewelry, watches and other products made of precious stones, metals and leather. d) at a rate of 10% for private...

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Civil non-profit companies ; taxation and issue of record, tax treatment of donations

Civil for-profit or non-profit companies, by virtue of Article 2(1) of Presidential Decree 134/96 were added to Article 2(1) of the Code of Books and Records (CBR) and have all the obligations which persons engaged in trade or business have, i.e. they are treated as persons engaged in trade or business, even if they are non-profit. Non-profit entities keep books only for deliveries of goods or provision of services subject to VAT or income tax and issue the records expressly specified by the CBR. For all other income, the books that are kept and the records issued are not for tax...

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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 to 2) Tax or other financial burden...

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