Tax Treatment of Royalties - DTCs with Hungary and the Czech Republic (Circular 1144/2012)30/5/2012 The Ministry of Finance issued today a circular (Circular 1144/2012) providing guidance on the interpretation and application of the Royalties article of the double tax conventions that Greece has entered into with Hungary and the Czech Republic. The Ministry essentially extends the application of Circular 1024/2011 on the interpretation and application of Article 12 of the DTC between Greece and Finland to the corresponding provisions of the DTCs with Hungary and the Czech Republic.
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The Institute for Austrian and International Tax Law of WU (Vienna University of Economics and Business)is organizing a Conference on “Beneficial Ownership”.
The Conference aims at discussing recent developments of the term Beneficial Ownership by presenting the most interesting cases, which have been decided all over the world, and discussing the recently published OECD Discussion Draft on the meaning of the term Beneficial Owner. Outstanding experts of 14 jurisdictions will present the most relevant decisions from their countries. Furthermore, the meaning of the term Beneficial Owner used in European Tax Law in comparison to its meaning in Tax Treaty law will be assessed. The main topics identified have been clustered into eight “baskets”, which will be dealt with in eight conference sessions: Session 1: Beneficial Ownership – Broad vs. Narrow Interpretation I Session 2: Beneficial Ownership – Broad vs. Narrow Interpretation II Session 3: Beneficial Ownership without Specific Beneficial Ownership Provision Session 4: Beneficial Ownership as Anti Abuse Provision Session 5: Beneficial Ownership and Domestic Law Session 6: Beneficial Ownership as Allocation of Income Rule Session 7 : Beneficial Ownership and EU Law Session 8: Beneficial Ownership: OECD Discussion Draft Detailed information on the speakers, the particular cases that will be presented and on how to participate are included in the conference programme. The Court of Justice of the European Union published on 1 March 2012 its judgment on the Case C-354/10, Commission v Greece, regarding the failure of the Greek State to effectively recover unlawful state aid.
According to the judgment of the Court, the Greek State failed to comply with the obligations imposed upon it by the decision of the Commission 2008/723/EC of 18 July 2007. The Commission, in examining the State Aid case C 37/05 (ex NN 11/04), had found that the provisions of Law 3220/2004 allowing corporate taxpayers to create a tax exempt reserve constituted unlawful state aid and had ordered the Greek State to recover the aid that was unlawfully granted. Since the Greek State failed to do so within the prescribed time limits, the Court of Justice found that it breached the Commission decision ordering the recovery and imposed a fine on the Greek State. The Ministry of Finance announced today the deadlines for filing the 2012 Income Tax Returns and the 2012 E9 forms for real property (Circular Pol. 1055/29-2-2012).
Income Tax Returns of: - Partnerships, Joint-ventures, Non-profit orgnaizations: until 30 April 2012 - Societes Anonymes and Limited Liability Companies: until 10 may 2012 - Individuals: until 15 June 2012. The E9 forms for 2012 are to be filed until 31 July 2012. Source: Ministry of Finance (announcement in Greek) On 22 February 2012 the OECD announced that Greece has signed the Convention on Mutual Administrative Assistance in Tax Matters, a multilateral agreement that was developed jointly by the Council of Europe and the OECD and that is open for signature to all countries. The Convention promotes international co-operation in the assessment and collection of taxes.
Signatories to the Convention are so far: Argentina, Australia, Belgium, Brazil, Canada, Denmark, Finland, France, Georgia, Germany, Greece, Iceland, India, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Moldova, Netherlands, Norway, Poland, Portugal, the Russian Federation, Slovenia, South Africa, Spain, Sweden, Turkey, Ukraine, the United Kingdom and the United States. Source: OECD After receiving a number of complaints by taxpayers who found themselves charged with an amount of notional income on which tax was calculated and due, the Greek Ombudsman published a report in which it concluded that the Greek Tax Administration does not provide adequate information to taxpayers on how to challenge notional income rules.
The Ministry of Finance issued a circular providing guidance regarding the application of the provisions on the Energy Performance Certificate that is now required to be issued for all leased real property in Greece.
According to Circular No. 1018/13-1-2012, the Energy Performance Certificate of any building larger than 50 square meters that is leased, wholly or partially, for the first time. The Certificate is required by the Tax Offices in order to proceed with the registration of the lease agreement. Any lease agreement that is taken to the tax office after the 9th of January 2012 must be accompanied by the Energy Certificate (if it is a new lease agreement and not the renewal of an existing one). The Certificate is issued by certified energy inspectors; a list of the certified inspectors is to be found at a special site of the Ministry of Environment, Energy and Climate Change at www.buildingcert.gr. You can find the list of the VAT rates that apply in the EU Member States as in force on 1 January 2012 on the website of Taxation and Customs union Directorate of the European Commission.
Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States was published in the Official Journal L 345 of 29 December 2011.
Member States are required to adopt measures to necessary to comply with the new Parent-Subsidiary Directive as from 18 January 2012. The old Directive 90/435/EEC, as amended, is repealed. |
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