On 3 September 2020, the Bill No. 4468/2020, was published in Senate to introduce a special tax arbitration procedure. The Bill proposed that during the time of tax audit, this special tax arbitration process would be available to deal with tax disputes. The procedure could be requested by either a taxpayer or the tax authority prior to the issuance of a tax assessment notice.
When an arbiter tribunal is established, decisions must be issued will be up to 12 months, which may be extended by agreement between the parties for up to two times, as long as it does not exceed a total period of 24 months. Decisions of the arbiter tribunal would be binding for the parties and would prevent the initiation of further administrative proceedings or inspection measures in relation to the matters that were subject to arbitration.
