Category Taxation in Greece

Greece Passes New Tax Code

April 16, 2010 Taxation in Greece

George PapandreouThe Parliament of Greece has approved an extensive overhaul of the country’s tax code, in a concentrated effort to revive national finances and stem tax evasion.

On April 15th the Greek Parliament approved a controversial and widely discussed new tax code aimed at reforming the country’s taxation landscape. Filippos Sahinidis, Deputy Finance Minister of Greece, described the aim of the new bill, saying, “This is an important piece of legislation to deal with the major problem of tax evasion and other chronic problems for tax revenues.”

Under the new laws, personal income taxation will see a significant overhaul. Preferential tax treatment previously enjoyed by several industries have now been re-appealed, and replaced with the standard tax brackets...

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European Commission Refers Greece to Court

February 25, 2010 Taxation in EUTaxation in Greece

European flags flying in front of the BerlaymontGreece has been referred to the Court of Justice of the European Union, after the European Commission (EC) deemed a series of tax exemptions issued by the jurisdiction to be illegal.

On February 24th the EC released a statement referring Greece to the EU Court of Justice for breaking clauses within the Treaty on the Functioning of the European Union (TFEU). The EC claims that Greece broke EU legislations when it failed to comply with a decision passed by the Commission in July 2007, which ordered Greece to recover funds issued to businesses under the national tax exemptions.

The provision within the Greek national tax legislation, which was examined by the EC, allowed for businesses to deduct 35 percent from their taxable income, on the condition that the benefits would be used to fund n...

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Rush of Tax Treaties in December

December 17, 2009 International Tax CooperationTaxation in CanadaTaxation in ChinaTaxation in EUTaxation in FranceTaxation in GreeceTaxation in IrelandTaxation in NetherlandsTaxation in New ZealandTaxation in SingaporeTaxation in SwitzerlandTaxation in UK

UK/Malaysia Double Taxation Agreement protocol signingIncreasing fiscal transparency was an important issue in the economic and political spectrum of the 2009 year. With only a few weeks remaining in 2009, December happened to be one of the most active month of the passing year, with Governments around the globe completing efforts made in negotiations of Double Taxation Agreements (DTA) and Tax Information Exchange Agreements (TIEA).

In an unprecedented step, Switzerland wishes to cease ratification of its DTA with France in protest at the French authorities’ handling of account data stolen from HSBC in Geneva. On December 9th, Eric Woerth, French Budget Minister, confirmed that the French Government had paid €500 million to a former HSBC-Switzerland employee who provided them with details on 130,000 accounts...

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Greece to Ratify Six Tax Accords

December 9, 2009 Taxation in CanadaTaxation in Greece

March 25 - Greece Independence DayWithin the week ending November 11th, the Greek Finance Ministry will bring forwarx six Double Taxation Avoidance Agreements (DTA) for ratification in the country’s Parliament.

Among the presented agreements, the DTA with Canada is the most significant and unique, being a product of almost 25 years of continued bilateral negotiations. Within the standard stipulations characteristic for DTAs, the most attention has been drawn to the provisions regulating the tax treatment of Canadian pensions received by Greek nationals living outside of Canada...

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