A Law naming ‘Law 4410/2016’ has been announced amendments on the Greek Tax Procedure Code, TP Documentation Rules and the legal framework for Advanced Pricing Agreements (APAs).

Amendments on TP Documentation

The first amendment mentions to the time limit for the compilation of the submission of the Summary Information Table (SIT). In accordance with the new provisions, instead of the prior deadline of four months following the fiscal year end, the TP Documentation File consisting of the Basic TP File and the Greek TP File, should be compiled till the expiration of the deadline for the submission of the annual corporate income tax return. The TP Documentation file is accompanied by the SIT, which should also be submitted electronically within the same deadline. This basically means that the time limit now expires after the gap of six months following the fiscal year end (e.g., for companies with FYE on 31^st December 2016 the relevant deadline for the compilation of the TP Documentation File and the submission of the SIT expires on 30^th June 2017, instead of 30^th April 2017). This provision is applicable for TP documentation files which are made for intragroup transactions of fiscal years beginning from 1^st January 2015 onwards. Besides, the newly introduced provisions specify that a circular will be issued by the General Secretary of Public Revenues, which will give the computation method of the turnover and the respective accounting standards and a simplified documentation procedure for small and very small entities, as well as certain exemptions from the documentation requirement for very small entities.

Amendments on APAs

The newly announced provisions prescribe that the General Secretary of Public Revenues is allowed to extend the time limit for issuance of the relevant decision approving or rejecting the APA application from 18 months to 36 months, following the submission of a relevant request.