Greece: Bill regarding transfer pricing provisions enacted

The Greek Parliament has approved a bill of the Finance Ministry on 27^th July 2016 introducing significant changes regarding the transfer pricing documentation provisions. The bill, inter alia, amended various provisions of the Greek Tax Procedure Code (L. 4174/2013). As per the bill approved by the Ministry of Finance on 27^th July 2016, the General Secretary of Public Revenue may exempt very small enterprises from the submission of transfer pricing documentation. In accordance with the approved bill, the documentation has to be submitted at the deadline set for filing the income tax returns. The new deadline applies to documentation pertaining to transactions executed after 1^st January 2015. Again, the bill enacted on 27 July 2016 amends the deadline for the issuance of the APA decision that cannot exceed the 18 months from the submission of the respective APA application (instead of the 120 days). Furthermore, the period may be further extended to 36 months upon a decision of the General Secretary.