The Law 4484/2017 entitled “Adaptation of Greek Legislation to the provisions of Directive (EU) 2016/881 and other provisions” was published in the Government Gazette on August 1, 2017. It harmonizes Greek legislation with the provisions of Council Directive (EU) 2016/881 of May 25, 2016 on the mandatory automatic exchange of information in the field of taxation and modifies the Greek Corporate Income Tax L.4170/2013 and 4474/2017 with respect to Country-by-Country (CbC) reporting. Some requirements for certain MNE groups to file CbC reports included in the Greek legislation.
The submission date for the first CbC report is 12 months of the previous day of the reporting fiscal year. That means, the first such report shall be submitted for year 2016 by December 31, 2017. Under the enacted law, penalties for non-compliance with the CbC reporting requirements have been doubled to €20,000 and €10,000 for non-submission and for late submission respectively.
The House of Representatives of the Ministry of Finance on “Law 4484/2017” was voted on by the Plenary Assembly on July 28, 2017. The Greek Parliament introduced this draft Law 4484/2017 on July 20, 2017.
