Greece: Amended Transfer Pricing Penalty in Adjustment
The most important development that took place with regard to Greece’s transfer pricing regime was the enactment of Law 4337/2015 and inclusion of revised transfer pricing penalty in adjustment in new law.  As per Law 4337/2015, additional tax
See MoreGreece: Public Revenue Authority Published Clarification on Transactions of Real Estate Companies and Comparables
Public Revenue Authority of Greece  published clarification on transactions of real estate companies and comparables data. The Public Revenue Authority issued document ΔΕΑΦΒ 1136663 ΕΞ 2015/21.10.2015 to clarify that the transfer pricing
See MoreGreece: Enacted Rules on Transfer Pricing Penalties and Issued Guidance on TP Documentation
Greece enacted changes to the applicable transfer pricing (TP) documentation rules based on Law 4337/17.10.2015 on 17 October 2015 and issues guidance. Based on the new Law 4337/17.10.2015, the following changes are introduced to the penalties
See MoreGreece: Income Tax Law Amendments Published in the Official Gazette
Greece published the amended income tax law in the official Gazette on 14 August 2015. Law 4334/2015 makes amendments which have immediate effect. The 2% discount granted in case of lump-sum payment of personal income tax (including business tax
See MoreBulgaria-Greece: Tax dispute established
Bulgaria has greeted a pledge from Greece to revoke its tax withheld on Greek business transactions in Bulgaria. Prior this year, Bulgaria had requested that the European Commission challenge Greece's decision to announce a 26% withholding tax on
See MoreGreece: tax authorities issue circular to clarify transfer pricing regulations
The Greek tax authorities issued circular no. POL 1142/02.07.2015 dated July 2, 2015 to explain transfer pricing (TP) documentation issues raised in light of the new Income Tax Law no. L. 4172/2013 and Tax Procedures Code no. L. 4174/2013. The
See MoreGreece: Finance Minister Announces Tax Amnesty Plans
The Finance Minister of Greece Mr. Yanis Varoufakis has announced his intention to introduce a bill to allow taxpayers to declare funds held abroad without incurring penalties. Any funds declared under the amnesty will be taxed at rates of 15 to 20
See MoreBelgium approves DTA Protocol with Greece
On January 30, 2015, Belgium's Cabinet approved the pending Protocol to the Double Tax Agreement (DTA) signed between Belgium and
See MoreGreece Defines “Related Persons” for Transfer Pricing Purposes
The Public Revenue Administration issued a letter ruling on 9 January 2015 to define a “related person” for transfer pricing purposes. As per the Ruling letter, a related person is who owns at least 33% of equity shares or voting rights and
See MoreGreece: Released templates and guidelines for APA Negotiations
The Greek Ministry of Finance has recently released template application forms for preliminary consultations and formal negotiations, as well as additional guidelines on the overall APA procedure and changes on corporate income tax. Â On 6 September
See MoreTax reduction in Greece’s 2015 Budget
Greece releases its 2015 budget on October 6, 2014. The budget reduces the solidarity tax on earners and a 30 percent cut on the tax on heating oil. The budget cut the "solidarity tax" paid by those on incomes over EUR12,000 (USD15,178) and would
See MoreGreek Tax Provisions has been challenged by European Union
It was asked by the European Commission to end the Greek discriminatory taxation of foreign-flagged ships and amend legislation on duty-free service stations. Greek-flagged ships and certain vessels managed from Greece are exempt from income tax as
See MoreGreece: Tax cuts initiative will take place by Greek PM in the months ahead
Details of a "road map" for reducing taxes will be unveiled by Greece's Prime Minister, Antonis Samaras and which will be implemented initial tax cuts in the months ahead. Heating oil tax will be reduced by 30 percent and the solidarity tax on
See MoreGreek PM Tackles Property Tax Mess
It has been decreed by the Greece's Prime Minister, Antonis Samaras that this year's property tax bills will be based on last year's valuations as lot of taxpayers across the country were sent massively over-inflated demands in error. The Citizens
See MoreGreece: Planning to cut tax rates for oil and gas companies
The tax rate of oil and gas explorers has been planned to reduce to 25% from current tax rate of 40% and 5% of the tax will be allotted for local communities. As per Greece energy minister, Ioannis Maniatis, the measure will be taken to attract
See MoreGreece: Guidance for transfer pricing documentation requirements
On 9 April 2014, the Minister of Finance of Greece issued a ministerial decision that provides guidance regarding the following transfer pricing documentation requirements: The ministerial decision set out the detailed requirements in respect of the
See MoreGreece’s Prime Minister has promised to slash taxes
It has been promised by the Greece's Prime Minister, Antonis Samaras to cut taxes "everywhere” to substantiate the Government's goal as to reduce the corporation tax to 15 percent, the highest rate of income tax to 33 percent and slash the rate of
See MoreGreece: OECD Report Considers Streamlined VAT Obligations
The Organization for Economic Cooperation and Development (OECD) has proposed changes that would assist taxpayers in complying with the value added tax (VAT) rules. The compliance burden for taxpayers could be reduced by establishing a clear
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