On 21 June 2023, Greece has issued a circular outlining a comprehensive framework for the exchange of information, streamlining the process and setting specific timelines. The circular encompasses various mechanisms, including bilateral tax agreements, the Mutual Assistance Directive (2011/16) on administrative cooperation in taxation, the Convention on Mutual Administrative Assistance in Tax Matters, and bilateral exchange of information agreements.
The key highlights of the circular are as follows:
- Timelines for Information Exchange: In the context of an information exchange request, Greece mandates that the requested information be provided promptly and, at the latest, within a maximum period of six months from the date of receiving the request.
- Expedited Provision of Readily Available Information: If the requested information is readily available, such as income statements, clearances, or asset status, Greece requires it to be provided within a shorter timeframe. Specifically, the information must be furnished within two months in accordance with Directive 2011/16/EU, or within 90 days as per the Convention on Mutual Administrative Assistance in Tax Matters, starting from the date of receiving the request.
- Flexibility for Alternative Deadlines: In exceptional cases, where necessary, the competent authorities have the discretion to agree upon alternative deadlines beyond the initially specified timelines. This provision allows for flexibility in situations that warrant additional time for the exchange of information.
To ensure effective implementation of the information exchange framework, Greece has also communicated the relevant forms and provided guidance on their completion. These measures aim to streamline the exchange process and enhance cooperation in tax matters. The circular, issued on 21 June 2023, marks a significant step towards improving transparency and international cooperation in taxation for Greece. It underscores the country’s commitment to aligning with international standards and facilitating the efficient exchange of information for tax purposes.
