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New Anti-Avoidance Jurisdictions List
The Ministry of Finance has recently issued a decision determining the jurisdictions which are treated for fiscal year 2012 as non-cooperating for purposes of application of anti-avoidance provisions of the Greek Income Tax Code. Taxand Greece discusses the updates to the list of jurisdictions listed and what the tax implications may be for those countries trading with Greece.
The countries listed in this decision, which applies for transactions performed during fiscal year 2012, are the same as the ones included in the list for fiscal year 2011, with the exception of Chile, which has now been excluded. In particular, the listed countries are: Andorra, Anguilla, Antigua & Barbuda, Aruba, the Bahamas, Bahrain, Barbados, Bermuda, Belize, the British Virgin Islands, Brunei, the Cayman Islands, the Cook Islands, Costa Rica, Dominica, Gibraltar, Grenada, Guatemala, Guernsey, Isle of Man, Jersey, Lebanon, Liberia, Liechtenstein, Malaysia, Marshall Islands, Montserrat, Mauritius, Monaco, Nauru, Netherland Antilles, FYR of Macedonia, Niue, Panama, Philippines, St. Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Samoa, Seychelles, Singapore, Turks and Caicos, the US Virgin Islands, Vanuatu, Uruguay and Hong-Kong.
However, the recent decision of the Ministry of Finance appears not to take into account the latest OECD progress report on jurisdictions implementing the internationally agreed tax standard. According to this report, dated 15 December 2011, all of the above countries have already substantially implemented the internationally agreed tax standard, with the exception of Nauru and Guatemala (which have nevertheless been committed thereto).
This list is an update issued annually in the context of anti-avoidance rules therefore taxpayers must make sure they keep themselves abreast of any new developments so that they are aware of their tax position.
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