On 15 December 2011 the European Commission published Commission Recommendation C(2011)8819 final regarding relief for double taxation of inheritances. The Recommendation sets out how Member States can apply measures, or improve existing measures, to relieve double or multiple taxation caused by the application of inheritance taxes by two or more Member States.The Recommendation relates by analogy to gift taxes, where gifts are taxed under the same or similar rules as inheritances.
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The Ministry of Finance announced today that the deadline for filing E9 form for FY 2011 is extended until 31 January 2012.
In the same time-limit taxpayers may log into the TAXIS system and make any necessary corrections to their individual real property registry. Protocol amending the DTC between Greece and Switzerland; pending approval by the Greek Parliament20/12/2011 The amendment of the DTC between Greece and Switzerland that was signed in Bern on 4 November 2010 is now submitted to the Greek Parliament for approval.
For details on the content of the agreement and the relevant text please refer to our previous post on the matter: The 2010 Protocol Amending the 1983 Greece-Switzerland DTC On 15 December 2011 the Minister of Finance submitted to the Greek Parliament a draft bill amending the DTC between Greece and Canada (Law 3824/2010) that entered into force on 1 January 2011.
The amendment refers to the inclusion of the taxes on capital in articles 29 and 30 of the convention, that provide, respectively, for the entry into force and termination of the convention. See: documents submitted to the Greek Parliament. I recently received the book "Charity Crossing Borders - The Fundamental Freedoms' Influence on Charity and Donor Taxation in Europe" (Kluwer, 2011), by Sabine Heidenbauer. This monograph is based on the doctoral thesis that Sabine submitted for a degree in Business Law at the Vienna University of Economic and Business.
This is the first study to examine charity and donor taxation regimes across a wide range of EU Member States and offers an excellent discussion of the relevant issues. Sabine focuses on the compatibility of such regimes with EU non-discrimination law and she examines twenty national regimes: Austria, Belgium, Bulgaria, Cyprus, Estonia, Finland, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, the Netherlands, Poland, Portugal, Slovakia, Spain, Sweden, and the United Kingdom. For more details on the issues dealt with by Sabine please see the flyer. Congratulations Sabine! Commission requests Greece to end obligation for Greek pensioners to maintain Greek bank accounts8/12/2011 On 26/10/2011 the European Commission announced that it has requested Greece to end its practice of requiring foreign workers benefiting from a Greek old-age pension to open and keep a bank account at the National Bank of Greece S.A. (NBG).
This practice puts migrant persons at a disadvantage compared to those residing in Greece as people living in another EU country may be forced to travel personally to Greece to open a bank account and therefore face additional travel and accommodation costs. The Ministry of Finance issued a new Circular (Pol. 1244/1-12-2011 in Greek) in which it clarifies certain issues regarding the imposition of the EETHDE (the special tax on real property on built surfaces with electricity connection). In this Circular the Ministry deals with issues such as:
- the corrections that need to be made because the EETHDE was miscalculated; - the method of application of the lower rate provided for persons with disabilities and other groups of persons in need and the cases where the interruption of power supply is suspended; - the time at which the order for the interruption of power supply is issued; - the exemption from the EETHDE of buildings of industrial or similar use (including farming, cattle-breeding) as well as hotels, when the electricity bill that has been issued wrongly includes the EETHDE; - payment of the EETHDE at the local tax authorities in case of leased buildings; - directions regarding the re-connection of households in which the power supply was interrupted as a result of non-payment of the EETHDE; - issues of payment of the EETHDE in installments; - exemption of non-resident legal persons under the condition of reciprocity; - various issues (e.g. definition of 'unemployed persons'). The 2011 annual General Assembly of the GReek IFA Branch is scheduled to take place on Wednesday 7 December 2011, at the Seminar Room of the Athens Bar Association (60, Akadimias street, Athens).
The General Secretariat of IT of the Ministry of Finance announced that the electronic service for the submission of E9 forms will be available for the taxpayers on Monday, 5 December 2011.
Taxpayers will be able to use the enhanced service to describe in detail their real property and the ownership rights. The deadline for the submission of this years E9 forms expires on 22 December 2011 (Circular of the Ministry of Finance 1189/6-9-2011). The European Commission has updated and prolonged a set of temporary state aid control rules to assess public support to financial institutions during the crisis. The main provisions consist in explaining how to ensure that the State is adequately remunerated if – as is increasingly likely in the future - Member States decide to recapitalise their banks using instruments, such as ordinary shares, for which the remuneration is not fixed in advance. A revised methodology was also agreed concerning the remuneration of guarantees for banks' funding needs – the bulk of the support to date – to ensure the fees that banks pay reflect their intrinsic risk, rather than the risk related to the Member State concerned or the market as a whole. The rules will apply as long as required by market conditions.
European Commission, Press Release IP/11/1488. |
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