Special topics

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I.K.E. company acts and details subject to publicity

in Company Law, Special topics

Information which has to be published at the time of incorporation: 1) name of the sole shareholder or shareholders 2) inclusion in or deletion from the company name of the word “sole-shareholder” 3) the company’s website 4) appointment of a company operator 5) assessment of the partners’ capital contributions in kind 6) statutory provisions concerning the following data: i) name, surname and e-mail address of the partner ii) corporate name iii) company’s seat iv) corporate object v) the fact of the company being an IKE company vi) share capital, partners’ contributions and kind of contributionsvii) shares total viii) initial amount of the partners’ shares and the kind of contribution they represent ix) operator and...

10 Mar 2016

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Guidelines for the implementation of thin capitalisation rules – Circular 1037/2015

The provisions of Article 49 of the Greek Income Tax Code (Law 4172/2013), as in force having been amended by the provisions of Article 23(4) of Law 4223/2013 and further amended by Article I(D)(D1)(12) of Law 4254/2014, introduced thin capitalisation rules to combat abuses. ...

01 Feb 2016

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Tax treatment of director’s fees paid by a UK company to Greek tax residents

In respect to the taxation on Management Board Member’s fees and dividends provided by a corporate body or legal person or legal entity with registered offices in the UK, the following apply: According to the new Income Tax Return Code (Law 4172/2013, from now on “ITRC”), the taxpayer that is a tax resident of Greece, is under the obligation to pay taxes based on his global income. A. Dividends taxation Income from dividends is considered a capital income (article 35 of ITRC) and is being taxed at a rate of 10% (article 40 par. 1 of ITRC). When a Greek national taxable natural person...

01 Feb 2016

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Tax guide for Greece

The 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...

01 Feb 2016

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Taxation of individuals

Τhe main taxes imposed on individuals The main types of taxation on individuals are income and capital taxes. Of course, there are also many other forms of indirect taxes, mainly on transactions and consumption. Income taxation is the most important tax that affects individuals. The two main categories of capital tax are tax on inheritance/gifts inter vivos/lottery gains and tax on the transfer of real property. In the present chapter we deal only with 1) income tax 2) tax on inheritance/gifts inter vivos/lottery gains; A. Income tax on individuals 1) Who is subject to income tax in Greece? Subject to income tax in Greece...

27 Jan 2016

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Acquisition & Occupation Of Real Estate: Basic Legal Framework, Property Rights, Procedural Issues Of Acquisition, Restrictions

in Real Estate, Special topics

The basic legal framework governing real rights in immovable property The right to property, as a fundamental right, is under the protection of the State, as provided in the Greek Constitution, Article 17, whereas it is stipulated that property rights cannot be exercised against the public interest. Within this context, the Constitution imposes a restriction or deprivation of property (expropriation) for the sake of public interest, always under the prerequisite of a prior compensation of the owner. Furthermore, the most significant source of property law lies in the third book of the Civil Code (articles 947-1345). Other provisions and property law rules exist...

25 Jan 2016

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Transfer of tax residence abroad

A natural person is a tax resident of Greece, as long as: a) it has its permanent or main residence or habitual residence or the center of its vital interests, which is to say its personal or economical or social links in Greece...

16 Nov 2015

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Greek CFCs rules

The New Income Tax Code (Law 4172/2013 hereinafter “ITC”) introduced in Greek Tax legislation provisions pertinent to Controlled Foreign Corporation Rules (“CFCs rules”). Controlled Foreign Corporation are legal persons or legal entities which are tax residents in different countries with such links between them, leading to effective control of one company (“Foreign Company”) over the other (“Controlled Company”). The CFC rules are features of an income tax system designed to limit artificial deferral of tax by using offshore low taxed entities. Pursuant to Article 66 ITC, taxable income shall include the non-distributed income of a legal person or legal entity (which...

04 Nov 2015

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Supporting documents for real estate purchase agreements (2015)