New Legislation

 

Taxation of Investment Companies

Government Gazette A 94, Act 4389 / 05.27.2016

Articles 46 & 47: Tax provisions for investment funds in real estate (amendment of Act 2779/1999).

See Act 4389/2016 as published in the Government Gazette, by clicking here

 

 

 Special Solidarity Contribution 

Incorporation of the Special Solidarity Contribution in the main incometax. 

See Act 4387/2016, as published in the Goverment  Garette (Income Tax Code), by clicking here 

 

 

New Tax Laws and Amendments of Tax Provisions

1. Government Gazette A 50, Act 4374 / 01.04.2016, Article 8: Amendment of Act 4172/2013 (Income Tax Code).To see Act 4374/2016 as published in the Government Gazette, click here

2. Government Gazette A 85, Act 4387 / 05.12.2016, Article 112: Amendment of provisions of Act 4172/2013 (Income Tax Code). See Act 4387/2016 as published in the Government Gazette, by clicking here

 

3. Government Gazette 55, Act 4378 / 05.04.2016)

Α) Incorporation into Greek law of Directive 2014/107/EU amending Directive 2011/16/EC, which was incorporated in Greek law by Act 4170/2013 (compulsory exchange of tax related information).

B) Incorporation into Greek law of Council Directive of 10 November 2015 (EU) 2015/2060 repealing Directive 2003/48/EC on the taxation of income in the form of interest payments from savings. Modification - Repeal of provisions of Law 3312/2005.

See Act 4378/2016 as published in the Government Gazette, by clicking here

 

4. GG A 94, Act 4389 / 05.27.2016

A) Article 44: Amending provisions of Act 4172/2013 (Income Tax Code) and Article 112 of Act 4387/2013.

B) Article 45: Tax arrangements for Portfolio Investment Companies / Amendment / Repeal of provisions of Act 3371/2005.

C) Article 48: Tax arrangements for Undertakings for Collective Investment in Transferable Securities (UCITS) and their Managers (art.103 Act 4099/2012).

D) Article 50 Taxation of Property: Amendments of provisions of Unified Tax for Estate Property (Act 4323/2013 - Government Gazette 287).

E) Article 51: Submission of property data statements (E9) (Act 3427/2005).

F) Subchapter IV (Articles 52 to 57): Amendments to the VAT Code provisions and indirect taxes provisions. Article 52 introduces a new higher rate VAT of 24%, by amending Article 21 of Act 2859/2000.

G) Article 70 Paragraph 2: Article 3A as an addendum in Act 4354/2015 (management of non-performing loans, wage settlements and other emergency implementation provisions of the agreement for fiscal targets and structural reforms).

See Act 4389/2016 as published in the Government Gazette, by clicking here

 

 

New Public Utilities Salary Scales


Act 4354/2015 was published in the Official Gazette (OG A' 176/16.12.2015) entitled "Management of non-performing loans, wage settlements and other urgent provisions for the implementation of the fiscal targets and structural reforms agreement."
In the new Law are among others included Wage arrangements of the civil servants and the employees of the Local Authorities, the Legal Entities of Public and Private Law and the Public Utilities.
 
See Act 4354/15 as published in the Official Gazette, by clicking here
 
For the text of the implementation Circular of the Ministry of Finance, click here

 

 

Amendment of the Banking Code of Conduct to borrowers

Regarding the OG B' 2219/15.10.2015 entitled "Amendment of the Banking Code of Conduct to borrowers", the Banking Code of Conduct is amended in the relations of the Banks with borrowers and is introduced stricter borrower response to the letter the bank will address in order to regulate their debts to it.

To read the complete GG file, click here

 

 

Exemption of real estate owners from lease taxation and relevant taxes.

With new statutory provision (Act 4346/2015) income from real estate rental that has not been collected by the beneficiary, is not included in the total income if, by the deadline for submission of the annual income tax statement, an order for payment or an order for restitution of use of leased property or a court decision either for eviction or rentals due has been issued against the lessee or if a lawsuit for eviction or claiming of the rental due has been filed against the lessee.

Such income is taxed in the year and in accordance with the amount proven to have been collected.

Income not collected is stated under specific code for uncollected income in the tax statement.

This implies that for the granting of the tax exemption, it is now mandatory to at least start diagnostic court proceedings or issue a court order against the debtor tenant.

It is noted that the new legal provision applies to income earned from January 1, 2015 onwards.

According to clarifying statement of Deputy Finance Minister, in the fields of income tax statement, a new field will be included in which the uncollected rental will be noted and which will not be taxed in the year that it was born-declared, but during the financial year in which it will be collected.

To read the entire Act file, click here