Category Taxation in Greece

Greek Farmers Protest Tax Changes

February 15, 2016 Taxation in Greece

Agricultural taxATHENS – Greek farmers are holding marches in protest of legislative changes which could see their taxes raised to as much as 70 percent.

Over the weekend farmers in Greece led protests in Athens and blockades across the country in opposition to a proposal for subsidiary and superannuation reforms.

Currently a proposal has been raised by Greece’s bailout lenders to drop some of the subsidies received by farmers in Greece.

Lenders are calling for self-employed workers to pay higher social security contributions, a move which would include almost all farmers.

Further, additional tax changes have been proposed, which, if implemented, would see a removal of subsidies on fuel used by the agriculture sector, and significant increases in the rate of income tax paid by farmers.

It is claimed ...

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Unexplained Funds Face 33% Tax in Greece

November 10, 2015 Taxation in Greece

ATHENS – Any explainable deposits found on the bank account of a Greek taxpayer will be taxed at a rate of 33 percent.

In a circular released on November 9th the Alternate General Secretary for Public Revenues in Greece Ioannis Bakas reminded tax workers that current legislation requires the imposition of a 33 percent tax on any unexplained profits enjoyed by individual taxpayers.

The circular specifically applies to the situation where tax authorities are investigating the tax affairs of a individual taxpayer, and, subsequently, uncover deposits in their bank account which cannot be adequately explained by the taxpayer.

In such cases, the deposits shall be treated as a result of illicit behavior or illegal activity, which are subject to a 33 percent tax.

In the circular it was also urged...

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Greece Needs 30 Years to Audit All Tax Evaders

June 1, 2015 Taxation in Greece

ROME – Greek tax authorities do not have the capabilities do audit and investigate the sheer number of taxpayers potentially evading taxes.

Late last week the Financial Prosecutor of Greece Panayiotis Athanasiou claimed that it would take 30 years for the tax authorities of Greece to investigate and audit the all of the country’s suspected tax evaders.

Currently there is 1.38 million suspects for tax evasion in the country.

A significant portion of the suspects were named in various information releases over the last several years.

Panayiotis Athanasiou said currently tax authorities have investigated 478 of the individuals named in the infamous Lagarde List which names 2 062 taxpayers.

Further, of the 54 246 individuals who sent funds out of Greece between 2009 and 2012 only 588 have ...

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Greece Eyes ATM Tax

May 27, 2015 Taxation in Greece

ROME – Using cash may become more costly in Greece, as the government looks at measures aimed at reducing tax evasion in the country.

In a press conference held on May 26th the Minister of Finance of Greece Yanis Varoufakis confirmed that the government is now evaluating the feasibility of several measures aimed at reducing tax evasion, including a new tax on bank withdrawals made at an ATM.

The minister said that by instating a minuscule tax on cash withdrawals may encourage consumers to use credit and debit cards instead of paying with cash, a move which will significantly reduce the incidence of tax avoidance by businesses which conduct business in cash in order to keep profits off their records.

Yanis Varoufakis added that the government was also mulling the possibility of launching ...

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Bulgaria Fights New Greek Tax

April 9, 2015 Taxation in BulgariaTaxation in Greece

SOFIA – Bulgaria is claiming that Greece is implementing a discriminatory tax, which unfairly targets some countries with low corproate taxes, and will cost Bulgaria as much as EUR 800 million per year.

On April 8th Annika Breidthardt, a spokesperson for the European Commission, confirmed that the Commission has received an official complaint from Bulgaria against Greece’s proposed withholding tax on transactions originating from Bulgaria.

In April 2015 the government of Greece proposed a withholding tax of 26 percent on transactions originating from Cyprus, Ireland and Bulgaria, as these countries are deemed to have “preferential tax regimes”.

The proposed tax is intended to help the government of Greece fight the occurrence of tax evasion in the country.

It is currently estimated ...

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