Special topics

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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...

12 Feb 2013

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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...

05 Feb 2013

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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...

29 Jan 2013

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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...

16 Jan 2013

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Procedure for the renunciation of inheritance

in Civil Law, Special topics

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...

20 Dec 2012

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List of non co-operative countries according to article 51A of the Greek income tax code (updated on 20.1.2012)

1 Andorra 2 Anguilla 3 Antigua & Barbuda 4 Aruba 5 the Bahamas 6 Bahrain 7 Barbados 8 Bermuda 9 Belize 10 British Virgin Islands 11 Brunei 12 Cayman Islands 13 the Cook Islands 14 Costa Rica 15 Dominica 16 Gibraltar 17 Grenada 18 Guatemala 19 Guernsey 20 Isle of Man 21 Jersey 22 Lebanon 23 Liberia 24 Liechtenstein 25 Malaysia 26 Marshall Islands 27 Montserrat 28 Mauritius 29 Monaco 30 Nauru 31 Netherland Antilles 32 FYROM 33 Niue 34 Panama 35 Philippines 36 St. Lucia 37 St. Kitts and Nevis 38 St. Vincent and the Grenadines 39 Samoa 40 Seychelles 41 Singapore 42 Turks and Caicos 43 US Virgin Islands 44 Vanuatu 45 Uruguay 46 Hong-Kong ...

12 Dec 2012

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Basic Differences between Greek Limited Liability and S.A. companies (Société Anonyme)

Apart from the minimum share capital and procedural issues upon their formation, there are significant differences between these two types of companies that entrepreneurs should take into account, before deciding which of the two is more suitable for their business. The limited liability company is a category of company that lies between an SA company and a partnership. The advantages of a limited liability company as against the S.A. company is that it requires only a capital of €4.500 as opposed to €60.000 that is required for forming an S.A.. Another advantage is for small shareholders, who enjoy more powers as...

12 Dec 2012

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Thin capitalization rules in Greek tax law

10 Dec 2012

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Obligation of shareholders of listed companies to report significant changes in their shareholdings