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The Commission adopted today a proposal to set up a financial transaction tax (FTT) in EU-27.
Document: Proposal for a Council Directive on a Common System of Financial Transaction Tax and amending Directive 2008/7/EC.
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Law 3986/2011 contains, among others, a number of provisions that amended several articles of the Greek Income Tax Code.
These amendments include: - a change of the individual income tax rates and income brackets - the abolition of several deductions from the taxable income and their replacement with tax credits - the increase of the imputed income, calculated on the basis of “income assumptions” - the imposition of the annual special solidarity contribution on individuals - the imposition of a special contribution on imputed income elements - the imposition of a professional tax - the establishment of a new scale of value for the imposition of the tax on real property - the re-classification of certain products under the high VAT rate of 23% and - the increase of the annual vehicle tax. The Ministry of Finance published on 8 September 2011 a list with 6.000 corporate taxpayers that owe more than 150.000 euros in taxes each and in total more than 30 billion euros of the 42 billion euros of outstanding taxes.
The list is available (in Greek only) at the site of the Ministry of Finance and it contains data available to the Ministry up to 5 September 2011 (and some corrections that were made until 15 September 2011). It is remarkable that a number of state owned or state controlled companies are in this list and in some cases very high up in the list. Some characteristic cases include the Greek Railway Company, the Shipyards of Syros and Elefsina, the Organization for the Restructuring of Undertakings and Olympic Airways. All the above state owned or state controlled companies, except Railways, are currently in liquidation. The Government proposed last week to the Parliament the adoption of yet another tax on real property; this new tax, the 'Special Tax on Real Property', is going to be imposed on buildings that are connected with the electricity network (either through DEI - the Public Electricity Company - or through any alternative electric power service provider).
The imposition of this tax has raised significant criticism because (i) it is not connected with the ability to pay of the taxpayers and (ii) in case of no payment the taxpayer is punished by deprivation of access to electricity! This year's IFA Congress is held in Paris from 11 to 16 September (www.ifaparis2011.com).
My research work ("Direct taxpayer's participation in international dispute resolution mechanisms") has been selected for this year's Poster Program. View my Poster Presentation at IFA Paris 2011 Form E9 is the form in which taxpayers declare any changes in their real property. Form E9 for 2010 was initially set to be submitted, by using the electronic database of the Ministry of Finance, in June 2011. This deadline was moved to September 2011 and now it is moved again to December 2011.
The Ministry in its announcement states that the system is being currently upgraded and it will be able to offer many more options to the taxpayers in helping them accurately declare any changes in their rights on real property in Greece. Source: Announcement of the Ministry of Finance (in Greek). |
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