The Law 4549/2018, Provisions for the Completion of the Agreement on Budgetary Targets and Structural Reforms – Medium Term Financial Framework 2019-2022 and other provisions, was published in the Government Gazette with the prerequisites of the fourth evaluation. It was approved by the Greek Parliament on June 14, 2018. This contains several important provisions, including amendments to the out-of-court debt settlement mechanism, the Law on Hedged Households (Law 3869/2010), the Code of Civil Procedure, the VAT Code and the Bankruptcy Code. Some of the main tax-related changes include:

• Under In the event that a direct or indirect holding or voting rights changes to a legal entity or legal entity in excess of 33% in a tax year and in the same year and / or the subsequent fiscal year the change in the holding or voting rights of the company in which the holding or voting rights are acquired exceeds 50% of its turnover in relation to the immediately preceding tax year from the change of holding or voting rights, the provisions of paragraph 1 shall not apply.
• Taxable persons who, during the preceding tax year, have been supplied with goods and services within the meaning of Article 2, may not be exempt from the obligation to submit a tax return or VAT payment, with no VAT of up to EUR 10,000. But it doesn’t applicable to farmers under the special scheme, to taxable persons not established within the territory of the country or to deliver of a new means of transport.
• New transfer pricing adjustment rules in relation to VAT has introduced. For the supplies of services, where all the costs incurred in the performance of those services and for the provision of services provided for in Article 9 (c) for the exchange of goods and for any consideration not involving money, their normal value. If the equivalent supply of goods or services cannot be ascertained, the “normal value” for the application of above conditions may not be lower than the market price.
• Persons in small enterprise regime may choose for the small enterprise regime in their first year of operations and they can claim for exemption if turnover below EUR 10,000. At least 2 year period before being allowed to choose no longer applies and in a situation, where annual turnover of VAT exemption threshold amount is more than EUR 10,000 for small enterprises, VAT obligations should immediately apply.
• If a legal entity or a legal entity changes a category of books from double to duplicate, the undistributed profits of the legal person or legal entity, as applicable, as they appear at the time of changing the class of books, are subject to 15% withholding tax.
• Non-cooperative states are those that are not member states of the European Union (EU), their status, regarding the transparency and exchange of information in tax matters, has been examined by the Organization for Economic Co-operation and Development (OECD) and has not been classified as “largely compliant”, and also which have not concluded and applied with Greece a tax administrative assistance agreement or have not signed the OECD Joint Convention on Mutual Administrative Assistance in Tax Matters and have not committed themselves to the automatic exchange of financial information starting in 2018 at the latest.

Most of the above changes apply from the 2018 fiscal year. The withholding tax, which charges for changing to single-entry booking applies from June 14, 2018. Again, the VAT small enterprise regime changes effect from January 1, 2019.