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Greece Ratifies 6 new Double Taxation Conventions & Treaties on Exchange of Information on Fiscal Affairs
The Greek State has ratified within the last months six new Conventions for the Avoidance of Double Taxation of Income and Capital with Canada, Saudi Arabia, Qatar, Serbia, Morocco and Azerbaijan. Taxand Greece discusses the six new double tax conventions and benefits for businesses in these countries.
The Conventions with Saudi Arabia, Qatar, Serbia and Azerbaijan have already entered into force, and are applicable on income generated in fiscal years starting as of 1 January 2011. Conventions with Canada and Morocco have not yet entered into force.
Furthermore, the Ministry of Finance has officially announced that during the recent OECD Global Forum meeting that was held in Singapore, Greece signed treaties on the exchange of information on fiscal affairs with Guernsey, Samoa, Gibraltar, Cayman Islands, Cook Islands and the Bermudas.
Signing an official treaty for the Avoidance of Double Taxation will mean that companies based in these countries should benefit from a reduction of the overall tax burden through applicable credit mechanisms and reduced (or nil) source taxation under the relevant treaties.
Your Taxand contacts for further queries are:
T. +30 210 6967 000
Maria C. Zoupa
T. +30 210 69 67 000
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