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Iason Skouzos & Partners > Special topics (Page 13)

Preliminary confirmation of taxes at 50% and method of payment

Article 74(6) of the Income Tax Code stipulates that failing administrative resolution of the dispute and the lodging by the taxpayer of a timely appeal, the Head of the Tax Office shall immediately confirm 50% of the main disputed tax, additional tax and other taxes and duties confirmed with it. It is further established that the said amount shall be confirmed for payment upon lapse of the deadline for administrative settlement of the dispute and prior to referral of the appeal to the court, and is payable as a lump sum up until the last day of the month following confirmation....

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Penalties in case of non-payment of confirmed debts

Article 25(1) of Law 1882/1990 as amended by law 3943/2011 provides the following: 1. A person who has failed to make payment at the tax or customs offices of any confirmed debts in favour of the State, public law legal entities, corporations and organisations of the general public sector for a period greater than four months shall be sentenced to imprisonment of: a) up to one year, where the total debt, however created, including all manner of interest or surcharges up to the date on which the debt table referred to in paragraph 5 was prepared, exceeds the amount of five thousand...

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Option of settlement of debt to the State

Various provisions are established from time to time, which enable debtors to settle overdue debts to the State by repaying their debts in instalments, and be relieved from any surcharges due to overdue payment. The main law which sets out such facilities and is currently applied by tax offices is Law 2648/1998 (Articles 13 to 21 on repayment of overdue debts to the State in installments). Pursuant to the said provisions, debtors of overdue amounts payable to the State may be granted the option of repaying their debts in instalments past the statutory deadlines, provided that direct payment of the entire amount...

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Taxpayer’s defense against tax assessment sheet

1. Appeal or Administrative resolution of dispute a. Appeal Under Article 66 of the Code of Administrative Procedure, an appeal regarding tax and customs disputes is generally exercised within thirty (30) days of its statutory serving to the person concerned or in any other case of him being shown to be fully aware of its content. b. Proposal to resolve an administrative dispute and / or lodge an appeal under Article 70 of the Income Tax Code. The debtor, against whom the sheet is issued, if he doubts its correctness, may also request, beyond the appeal against it,  the administrative resolution of the dispute...

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Increase of the share capital of a Greek S.A company

According to article 13 par. 2 of C.L 2190/1920, the articles of association of an S.A. may provide that during the first five years of the company,  the GA has the right to decide the increase –partially or totally- of the share capital by issuing new shares and up to a total of 5 times the initial share capital. It is noted that according to article 13 par. 4 b’, the increase of the share capital decided as above does not consist an amendment of the articles of association. The deadline for payment of the capital increase is determined by the...

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Annulment of a General Meeting resolution of a Greek S.A. company

In order to cancel a decision of an S.A.’ s General Assembly or to consider the decision as nonexistent, there should be at least one of the grounds specified in articles 35a, 35b and 35c of the Codified Law 2190/1920 . Without prejudice to articles 35b and 35c of C.L 2190/1920, a decision of the General Assembly which has been taken in a manner that is not in accordance with the law or the articles of association of the company, can be annulled by the competent Court. The same applies for decisions taken by a General Assembly that was not legally...

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Incentives for the realization of expenses for scientific and technological research

Α. DEDUCTION OF EXPENSES ACCORDING TO ARTICLE 31 OF THE INCOME TAX CODE The deduction of the above expenses on the gross earnings of companies is prescribed by the provision of par. 1 (ia), section one of article 31 of the Income Tax Code (Law 2238/1994). Prior to Law 4110/2013, the expenses for scientific and technological research of companies would be deducted at time they were incurred, except for expenses regarding capital goods, which are amortized in equal amounts within a three-year (3) period. The qualification criteria for the above expenses were determined by decision of the Minister of Industry, Energy and...

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The tax framework for charitable gifts-donations in Greece

Introduction In the Greek tax law, as in other systems, there are special favorable provisions concerning the funding of charitable purposes systematically pursued by private or public institutions. In order to comprehend this favorable treatment, by way of introduction, it is necessary to mention the general provisions concerning gifts/ donations, when these are not destined to a charitable purpose -we need in other words to present the rule, in order to understand the exception. The taxation of inheritance and gifts/donations in Greece exists since the institution of the Greek State. Following several consecutive amendments, the main codification of this legislation was...

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Legal framework for the licensing and operation of security service providers

The main legal framework regulating the terms and conditions for the operation of private security service provision businesses in Greece is Law 2518/1997, as amended and completed by L. 3707/2008. More specifically, according to article 1 of the aforementioned law, a private business for the provision of security services is the private business, either run by an individual or by a company, that provides to third parties one or more of the following services: a) surveillance or guard of mobile or immobile assets and facilities, b) protection of individuals, c) secure transfer  by special configured armored vehicles of money, antiquities, works of art and...

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Procedure for the renunciation of inheritance

According to the provisions of art.1847 of the Greek Civil Code, the successor has the right to renounce the inheritance within four months, starting: in the lack of a will, from the time for devolution to inheritance and the relationship. If there is a will, the deadline starts from the time the will was insinuated. Based on art.1848 Greek Civil Code, the renunciation of inheritance requires a declaration submitted to the Court of Inheritance. Furthermore, according to the provisions of art.30 of Code of Civil Procedure, the authorized court is the court of the district in which the diseased had, at...

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