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Tax Amnesty for back income tax returns: deadline extended to 20 January 2012

30/12/2011

The Ministry of Finance announced today, 30 December 2011, that the deadline for submission of back income tax returns (forms E1 and E2), VAT returns and certain obligations imposed by the Fiscal Books & Records legislation for fiscal years up to 2010 that was to expire today, is extended for another 20 days, until 20 January 2012.
According to the provisions of Article 18 para.1 of Law 4002/2011, filing back tax returns is penalty free; the submission of late E9 forms is not however covered by the tax amnesty.

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Guidelines for the application of notional income for FY 2011

30/12/2011

6 Comments

The Ministry of Finance issued guidelines (Circular POL. 1259/28-12-2011) for the application of the new notional income criteria (TEKMERIA), that were enacted by article of 28 Law 3986/2011, are in force as of 1-1-2011 and will affect the income to be declared in the income tax returns of fiscal year 2011 that will be submitted in March 2012.
These TEKMERIA concern the use or ownership of certain types of assets, such as a main residence, a secondary residence, a swimming pool, a car, a boat or a yacht.

6 Comments

Relief of double inheritance and gift taxation within the EU

22/12/2011

1 Comment

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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Submission of E9 form for 2011 and corrections to the real property individual registry

21/12/2011

1 Comment

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.

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Protocol amending the DTC between Greece and Switzerland; pending approval by the Greek Parliament

20/12/2011

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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

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Amendment of the DTC between Greece and Canada

16/12/2011

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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.

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New Book: "Charity Crossing Borders" by Sabine Heidenbauer

11/12/2011

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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!

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Commission requests Greece to end obligation for Greek pensioners to maintain Greek bank accounts

8/12/2011

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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.

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New Circular with clarifications on the EETHDE (Pol. 1244/1-12-2011)

2/12/2011

2 Comments

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').

2 Comments

IFA Greece General Assembly

2/12/2011

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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).

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<<Previous

Tax Amnesty for back income tax returns: deadline extended to 20 January 2012

Guidelines for the application of notional income for FY 2011

Relief of double inheritance and gift taxation within the EU

Submission of E9 form for 2011 and corrections to the real property individual registry

Protocol amending the DTC between Greece and Switzerland; pending approval by the Greek Parliament

Amendment of the DTC between Greece and Canada

New Book: "Charity Crossing Borders" by Sabine Heidenbauer

Commission requests Greece to end obligation for Greek pensioners to maintain Greek bank accounts

New Circular with clarifications on the EETHDE (Pol. 1244/1-12-2011)

IFA Greece General Assembly

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