19 Apr 2023

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VAT on sales of newly built properties under a sale & lease-back contract with a financial leasing company

In accordance with Article 6 paras. 1, 3 and 4 of Law 2859/2000 ("VAT Code"), , the transfer of completed or unfinished buildings or parts thereof and the land transferred with them as a single property or ideal shares of land to which the presumption of completion applies, is subject to VAT, if it is carried out for a consideration, before the first installation in them. Buildings shall be deemed to be buildings in general and structures of any kind attached to the buildings or to the ground in a fixed and permanent manner. The first installation is defined as the...

19 Apr 2023

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Subjection of financial leasing of real estate to VAT following a tax election request

Posted by Niki Plyta

in Tax Law, Special topics

According to Article 22 par. 1 case (kst’) of Law 2859/2000 (VAT Code), real estate leases are exempt from VAT, except for those under case (d') of paragraph 2 of Article 8, which include i) the lease of industrial premises and safe deposit boxes and ii) the lease of premises for the exercise of a business activity (commercial leases) under certain conditions. In particular, Article 8 par. 2 case (d) subcase (ii) of the VAT Code provides that the lease of premises for the exercise of a business activity to a taxable lessee, either independently or under a mixed contract, is...

23 Feb 2023

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Exemption from tax on donations of movable assets located abroad for Greek nationals who reside abroad

Posted by Niki Plyta

in Tax Law, Special topics

Already as of 31/7/2020, a provision had been added by article 6 of Law 4714/2020 to Section C of article 43 of the Code of Inheritance, Donations and Parental Gifts Tax (Law 2961 /2001, hereinafter referred to as the "Code"), as case g', which provided for the exemption from tax "for gifts of movable assets located abroad and not acquired in Greece during the last twelve (12) years by a Greek citizen who has been resident abroad for at least ten (10) consecutive years and, in the case of relocation to Greece, no more than five (5) years have elapsed." Article...

07 Feb 2023

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Online Inheritance Tax Return – Procedure Supporting Documents

Posted by Niki Plyta

in Tax Law, Special topics

Procedure The deadline for the submission of the inheritance tax return by the heirs before the Tax Authority in the absence of a will is nine (9) months from the date of death of the deceased, while in the case of a will, it is nine (9) months from the publication of the will. It is noted that an extension of the above 9-month deadline is no longer granted by the Tax Authority. The competent tax office for the acceptance of the declaration and the imposition of tax is the competent tax office of the deceased's residence. If the death occurred from 01/01/2022...

03 Feb 2023

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Commencement of business activity as a sole-trader in Greece: procedure and required documentation

Posted by Niki Plyta

in Tax Law, Special topics

Registration with the competent Tax Office In order to obtain a Tax Identification Number (TIN), an application shall be submitted at the competent Tax office. The supporting documents are the following: Passport/ Greek Identity Card Form D210 Certified copy of the lease of the main residence Solemn Declaration by the lessor or the lessee regarding the validity of the lease contract of the main residence. After the submission of the application, the tax office issues a TIN certificate and keycodes for the creation of a TAXISNET account. TAXISNET is an online platform, from where the taxpayer can generally manage most of his...

01 Dec 2022

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Shipping taxation: Extension of article 25 of L. 27/1975 and the tonnage tax regime also to bareboat charterers and ship lessees

Posted by Niki Plyta

in Tax Law, Special topics

Under the shipping tax provisions that were introduced by virtue of L. 4646/2019 (articles 59-61 thereof) and apply as of 1/1/2020, article 25 of L. 27/1975 was amended in order to include in its scope not only ship-owning companies but also bareboat charterers and ship lessees, on the rationale that they have essentially the same rights with the ship-owning companies in relation to the exploitation/management of the ship (apart from the right to dispose of the ship) and have been long considered as customary ways of ship exploitation. Therefore, as of 1/1/2020, offices or branches of foreign companies dealing with the...

31 Oct 2022

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Tax treatment and declaration of income from property located in the UK and received by individual tax resident in Greece

Posted by Niki Plyta

in Tax Law, Special topics

The income from property located either in Greece or abroad that is received by an individual who is tax resident in Greece, is considered as capital income and is taxed separately according to the following scale under article 40 par. 4 of the Income Tax Code (hereinafter referred as “I.T.C.”): Income from real estate property (€) Tax rate (%) 0 - 12.000 15% 12.001 - 35.000 35% 35.001 - …… 45% It should be noted that 5% of the gross income of foreign origin is recognized as repair, maintenance, renovation or other fixed and operating costs of real estate that generates taxable income, regardless of its type and use,...

29 Oct 2022

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Decision A.1043/2022 setting out the scope and services provided by “family offices” in Greece

Posted by Niki Plyta

in Tax Law, Special topics

Legal form Decision Α. 1043/2022 issued by the Secretary of Finance and the Director of Independent Authority of Public Revenue sets out the scope and the services provided by family offices which are established in Greece based on Article 71H of the Greek Income Tax Code for the management of the family wealth and assets of HNWI residing in Greece. Family offices can be established under any legal form, except that of a non-profit nature, either in Greece or abroad. The Family office which is established in Greece as a capital company or private company or branch of a foreign family office...

27 Oct 2022

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New tax regime for the establishment and operation of family offices in Greece

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in Tax Law, Special topics

Among the latest structural reforms that have been implemented with the aim to attract foreign investments and relocate skillful human resources in Greece, the Greek Government has recently introduced a “Family Office” regime for serving the management of the family wealth and assets of high-net-worth individuals who are tax residents in Greece. In this respect, new Law 4778/2021 sets a transparent and straightforward legal framework that provides incentives for the establishment and operation of family offices in Greece, as follows: ...

12 Oct 2022

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“Refund procedure of the excess withheld tax for employees who transfer their tax residence in Greece (5C tax regime)”

Posted by Niki Plyta

in Tax Law, Special topics

The individuals who transfer their tax residence to Greece and acquire income from employment or business activity arising in Greece may be subject to the special tax regime of article 5C of the Income Tax Code (hereinafter "ITC"), under which an exemption from income tax and the solidarity contribution of Article 43A of the ITC is provided for fifty per cent (50%) of their income from employment and business activity earned in Greece during the tax year. Specifically, for individuals-taxpayers who earn income from employment and have been subject to the special tax regime of 5C of ITC, they are required...

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