The new “omnibus law” ratified by the Greek Parliament on 22 May 2016 introduces a set of rules aiming to increase tax revenues and meet budgetary targets, in the context of Greece’s obligations towards its creditors under the country’s third bail-out program. Taxand Greece summarises the new tax rules that have been adopted.

 

Income taxation:

  • Cars as a benefit in kind; increase of taxable value
  • Increase of tax rate on dividends postponed until 2017
  • Amendments in taxation of Portfolio Investment Companies, REICs Real Estate Investment Funds and UCITS
  • Tax treatment of benefit gained from waiver of debt claims by credit or financial institutions

Real estate taxation:

  • Increase of Annual Property Tax (ENFIA) for individuals and legal entities
  • Reduction by 50% of late filling penalty for delayed rea estate reporting until 29 July 2016

VAT, customs and other indirect taxes:

  • Changes in VAT rates
  • Changes in car taxation
  • Introduction of new duties and comsumption taxes
  • Aboition of tax on beer
  • Increase of excise duty rates

Discover more: Recent tax developments in Greece

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Taxpayers in Greece should familiarise themselves with these updates to ensure they remain compliant.

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Greece | International Tax

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