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The main rights of the shareholder of a Greek S.A. company

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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The “non-dom” tax regime: Alternative taxation of foreign-source income of individuals transferring their tax residence to Greece – Article 5A of the Greek Income Tax Code

Conditions for inclusion in the regime The provisions of article 5A of Law 4172/2013-Greek Income Tax Code (ITC) provide for an alternative tax regime, commonly known as the “non-dom regime”, according to which a taxpayer individual who transfers his or her tax residence to Greece can be taxed in an alternative manner for income generated abroad, in other words all income not generated in Greece, provided all the following conditions are met: a) he or she was not tax resident in Greece during 7 out of the previous 8 years prior to transfer of his or her tax residence to Greece, which...

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Per diem compensation for work out of site under Greek employment law  

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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Taxation of dividends and bonuses from shipbroking and related companies

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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Place of taxation for VAT purposes of services related to events

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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Appointment of Fiscal Representative for VAT purposes in Greece

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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Issuance of Greek tax number (AFM)

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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Property transfer Expenses

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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Support in the recruitment process of a non EU citizen

As a crossroads of trade routes, Greece is a host country for many migrants, therefore the Immigration Code, as it is in force, reflects and regulates the economic and social changes that occur in the movement of populations. A basic, if not the most basic reason for the movement of non-EU citizens is to find employment, but also more specialised employment for non-EU citizens who move to Greece as specialised personnel and in the context of more specialised forms of employment. The Immigration Code currently in force is governed by Law no. 4251/2014, as amended and in force, however Law...

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Liability of directors of Greek companies for taxes and social security contributions

Α. tax obligations (Article 50 of Law 4987/2022) The individuals who are executive presidents, directors, general managers, administrators, managing directors, authorized to manage and liquidators of legal persons and legal entities, as well as the individuals who exercise the management or administration of a legal person or legal entity, are personally and jointly liable for the payment of income tax, withholding tax, any imputed tax, VAT and ENFIA, imposed to these legal persons and legal entities, regardless of the time of the tax assessment, as well as for interest, fines, surcharges and any administrative monetary sanctions imposed on them, as long...

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