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Iason Skouzos & Partners > Special topics (Page 11)

The investment of N.C.H. Capital Inc. in Kassiopi, Corfu and its complications

The full possession and the occupation of the property in question with a surface of appr. 120 acres (489,560 sq. m.) in the area of Kassiopi, Corfu was transferred by an individual to the Greek State without consideration, in order to settle inheritance tax obligations. A little more than half of this property was classified as forest area by means of an act of the Corfu Forest Directorate. The remaining surface of the property was classified as agricultural and grass land. Within the property there is a lake with a surface of appr. 3,5 acres named “Vromolimni”. Moreover, within the 489,560...

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Liability of Board of Directors of Greek S.A. companies

Being a member of the Board of Directors of a limited liability company, means that originally, there is no liability whatsoever for any obligations the company shall have. A member, holds the meaning that, on the one hand, has officially the capacity of a single member (which means that has to be stated as “member” at the relevant publication of the Government Gazette), and on the other hand, not to participate actively at the company’s management and representation (which means not to sign any company contract, nor give instructions at the company’s staff, nor be liable for any payroll, nor to...

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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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Managing employees – Differences between their employment agreement and the one applicable to ordinary employees

Managing employees are individuals holding a management, trust or supervision position within a business entity. According to the legal theory and jurisprudence, managing employees are employees of a large business entity, who have been charged, due to their exceptional qualifications (higher education, high qualifications, special skills, specialization, experience) as well as to the employer’s special trust in them, with general management tasks regarding the whole entity or a significant department thereof and staff supervision tasks, in a way that they decisively influence the entity’s development and clearly distinguish from all other employees who carry out the normal current work. Such distinction...

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Bank holidays under Greek law

1/1         New Year’s day 6/1         Epiphany 27/2       Ash Monday 25/3       25th of March (national holiday) 13/4       Good Friday 15/4       Easter 16/4       Easter Monday 1/5         1st of May -Labour day 4/6         Whit Monday 15/8       15th of August –Assumption of Mary (Christian holiday) 28/10     28th of October (national holiday) 25/12     Christmas 26/12     Day after Christmas-Boxing Day...

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Legal issues of wage under Greek labor law

MInimum wage obligations under Greek labor law Under Greek law there are minimum wage requirements. There are various stages of control of the minimum wage. One is the “National General Collective Employment Agreement” which imposes a general “floor” applicable to all employees of all specializations. The current wage “floor” ranges from €510,95 [young employees under 25 years old with less than 3 years of completed employment time] to €761,90 [employees above 25 years old with more than 9 years of previous employment]. As a second stage (or “floor”), for most categories of work specialties (“classes”) there are “class agreements” that provide for higher...

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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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