Under Law 5073/2023, there are significant changes in tax legislation, with the most important changes outlined below:
Article 3. Sale of Real Estate Using Banking Payment Methods
During the drafting of notarial documents for the transfer of real estate with an onerous cause, pre-contracts, and settlement acts, the payment of the price is exclusively made using banking payment methods. Any notarial or private document that records a down payment or partial or full payment of the price in cash or does not record the payment of the price using a banking payment method is automatically void, and it is prohibited to transfer it to the respective books. It does not produce any legal effect against the parties, the state, or any third party. The obligations and prohibitions of this provision do not apply to contracts entered into after the commencement of this law for the execution of pre-contracts that were drafted before the commencement of this law.
Article 4 and 8. Consequences and Penalties for Electronic Data Submission (MyData) to AADE (Independent Authority for Public Revenue)
Mandatory Electronic Data Submission
Entities mentioned in Article 1 of Law 4308/2014 (Government Gazette 251) are obliged to electronically transmit data to AADE (Independent Authority for Public Revenue) regarding issued accounting data files, regardless of the method of issuance, maintained accounting book files, tax electronic devices, tax memories, and files created by tax electronic devices.
The value of taxable transactions and income taken into account by the Tax Administration for the determination of Value Added Tax and income tax for each entity cannot be less than those derived from documents that have been electronically transmitted to AADE according to paragraph 1. Tax deductions and expenses for deduction are not considered if the documents on which they are based have not been electronically transmitted to AADE in accordance with paragraph 1.
By decision of the Minister of National Economy and Finance, following the recommendation of the Governor, the following are determined:
- a) The time of transmission, the scope of application, the specific obligations of the entities mentioned in paragraph 1, and the exceptions from the application of the provision for sectors of activity, for as long as the respective businesses do not have the organization that allows electronic record keeping and data transmission, and
- b) The start of the application of paragraph 2, exceptions from the application of paragraph 2, and the limits of acceptable deviations from the restriction of paragraph 2 regarding the value of taxable transactions and income taken into account by the Tax Administration, which cannot exceed thirty percent (30%) of the value of the documents electronically transmitted to AADE, according to paragraph 1.
Article 4 and 8. Consequences and Penalties for Non-submission of Data to AADE (Independent Authority for Public Revenue)
By decision of the Governor, the procedures and details for implementing the obligations of the entities mentioned in paragraph 1 are determined.
We now also have a new Article 54IG in the Tax Procedure Code Law 4987/2022, which provides for penalties for non-submission of data to AADE. The penalties in this case are as follows:
Type of data not submitted to AADE Penalty
Failure to submit issued receipts, self-billing expenses, ownership titles, and accounting data regardless of the method of issuance, according to special tax provisions. 10% on the net value of each non-submitted item and up to €250 per day.
Failure to submit data concerning payroll entries, amortizations, and other regular income and expense entries, or for failing to submit income designations, resulting in these designations not being included in the respective income tax declaration. €250 per fiscal year for each violation, if it involves the obligation to maintain a single-entry accounting system, €500 per fiscal year for each violation, if it involves the obligation to maintain a double-entry accounting system.
Submission of an issued document by the issuer after a failure or deviation by the recipient, with an initially transmitted value lower than the actual value. 5% on the net value of each non-submitted item.
Non-submission of circulation documents. €100 for each violation of non-submission, up to a daily limit of €500 and an annual limit of €20,000.
Non-submission of other collection, return, or order documents. €100 for each violation of non-submission.
Note: No penalty is imposed if the income receipt document to which the other collection documents are related has been issued before any tax audit.
In case of violations of late submission, a penalty equal to fifty percent (50%) of the corresponding penalty for non-submission is imposed. Doubling and quadrupling of penalties are provided for the same violation within a 5-year period, without exceeding the maximum limits.
We are awaiting a ministerial decision that will specify the start of the application of these penalties.
Article 6. Penalties for the use of cash in retail transactions with a value of five hundred (500) euros and above.
We now have the imposition of a fine equal to twice the amount paid in cash for the value of retail sales receipts issued for transactions exceeding 500€. Under the previous provision, the fine was 100€.
Article 11. Implementation of incentives for electronic invoicing.
The incentives provided in paragraphs 2 and 3 of Article 71ST are granted to entities that choose electronic invoicing through an electronic issuance provider for tax years beginning on January 1, 2020, and thereafter, and are granted from the first year in which electronic invoicing is applied, until tax year 2024.
Specifically for tax years 2023 and 2024, the relevant options of paragraph 6 of Article 71ST can be declared, and enrollment can be completed by December 31, 2023, and December 31, 2024, respectively. Otherwise, Article 71ST applies.
Article 12. Reduction of the business tax.
The business tax is reduced by 50% for entrepreneurs and self-employed professionals, and it will amount to 325.00 euros from 650.00 euros, and for each branch to 300.00 euros from 600.00 euros, with effect from the tax year 2023.
Article 13. Transfer of losses from business activity.
The determination of the minimum amount of net income under Articles 28A to 28D does not affect the application of paragraph 1, and any losses incurred can be carried forward for offset with the accounting amount of declared business profits.
Article 14. Use of indirect technical controls for the determination of taxable income.
Existing provisions regarding indirect technical controls are amended, and new cases of application are added.
- a) When accounting records are not maintained or financial statements are not prepared in accordance with the law for accounting standards, or
- b) When tax data or other required supporting documents are not prepared in accordance with the Income Tax Code, or
- c) When accounting records or tax data are not submitted to the Tax Administration within the deadline of paragraph 2 of Article 14 of the Income Tax Code after two relevant invitations, or
- d) When there is a significant discrepancy between the declared financial figures, especially in purchases, sales, and inventory, or
- e) When the gross profit margin declared does not match that based on purchase and sales documents or there is an unjustified variation between them in consecutive years, or
- f) When losses are declared for at least three (3) consecutive tax years and there is no explanation of how the business obligations are covered.
Articles 15 to 20. Minimum net income from the exercise of individual business activities. Cases, exemptions, and reductions from the year 2023.
We now have a minimum net income from the exercise of individual business activities.
For those engaging in individual business activities of paragraph c) of Article 1 of Law 4308/2014 (Official Gazette 251) the annual minimum income from the exercise of their business activity is considered not to be less than the amount determined according to this.
As a minimum annual income from the exercise of a business activity, an amount of up to fifty thousand euros (€50,000) is considered, which is derived from the sum of the following:
- a) an amount up to thirty thousand euros (€30,000) corresponding to the higher of the following:
- aa) the annual amount of the gross minimum wage of Articles 134 of the Individual Labor Code (Presidential Decree 80/2022, Official Gazette 222) and 103 of this, as applicable on the last day of the corresponding tax year, increased by ten percent (10%) for the three (3) years following the second three-year period from the commencement of professional activity declaration, an additional ten percent (10%), on the amount of the third three-year period for the three (3) years following the second three-year period, and an additional ten percent (10%), on the amount of the fourth three-year period for the subsequent years, or
- ab) the amount corresponding to the gross remuneration of the highest-paid employee employed by the obligor of paragraph 1, plus
- b) an amount of up to fifteen thousand euros (€15,000), which is equal to ten percent (10%) of the annual cost paid by the obligor of paragraph 1 for the remuneration of the personnel employed, plus
- c) an amount that amounts to five percent (5%) on the amount by which the turnover of the obligor exceeds the average annual turnover of the Business Activity Code (Κ.Α.Δ.) of paragraph iv) of paragraph 1 of Article 16 of Law 4919/2022 (Official Gazette 71), as determined by the decision issued under paragraph 4 of Article 57 of Law 4919/2022, in which the obligor earns the highest income.
The surcharge of paragraph c) does not apply in the following cases:
- a) when the average annual turnover of the corresponding Κ.Α.Δ. does not exceed ten thousand (10,000) euros, or
- b) when the number of entrepreneurs falling under the specific Κ.Α.Δ. does not exceed thirty (30).
For the application of paragraph c), the average annual turnover of the corresponding Κ.Α.Δ. of the previous tax year, concerning the obligors of paragraph 1, is taken into account, as posted on the website of the Independent Authority for Public Revenue (Α.Α.Δ.Ε.), within one month from the deadline for submitting income tax returns of Article 67 of each year. For the determination of the average annual turnover of the previous paragraph, entrepreneurs with zero turnover are not taken into account.
In particular, for obligors with Κ.Α.Δ. “retail sale of general merchandise (47.19.10.01)”, “kiosk operation (47.19.10.02)” and “retail sale of tobacco products in specialized stores (47.26)”, for the determination of the annual turnover of the obligor and the determination of the average annual turnover of Κ.Α.Δ., the sales of tobacco products of paragraph a) of paragraph 4 of Article 30 of the Value Added Tax Code (Law 2859/2000, Official Gazette 248) are not taken into account. For obligors with Κ.Α.Δ. “retail sale of general merchandise (47.19.10.01)” and “kiosk operation (47.19.10.02)”, the average annual turnover of paragraph c) is taken into account, the average annual turnover of the total of entrepreneurs with the two aforementioned Κ.Α.Δ., without taking into account entrepreneurs with zero turnover. For finding the average annual turnover of entrepreneurs with other fourth-level codes under Κ.Α.Δ. 47.19, except for Κ.Α.Δ. 47.19.10.01 and 47.19.10.02, entrepreneurs with Κ.Α.Δ. 47.19.10.01 and 47.19.10.02 are not taken into account.
The minimum annual income determined on the basis of paragraph 2 may be challenged by the obligor for objective reasons, provided that some of the following conditions apply:
- a) military service,
- b) imprisonment,
- c) hospitalization in a hospital or clinic,
- d) inability to exercise the activity due to pregnancy or during the twelve (12) months after childbirth or adoption or foster care of a child,
- e) extensive natural disasters that have made the exercise of their professional or business activity impossible, in whole or in part,
- f) revocation of the license to operate their individual business or the license to practice their profession,
- g) prohibition of operation of the store or other place of exercise of their professional or business activity pursuant to a decision of a public authority for reasons of public health protection or other reason dictated by the public interest,
- h) other cases of force majeure that prevent the exercise of business activity for a specific period of time.
For the application of this provision, the taxpayer submits the necessary supporting documents to prove their claims to the Tax Administration. The Tax Administration verifies the truth of the claims and the accuracy of the supporting documents of the obligor and is obliged to reduce the minimum annual income accordingly.
If the debtor disputes the amount resulting from the application of this provision for reasons beyond meeting the conditions of paragraph 3, they request the implementation of Article 23 of the Tax Procedure Code (T.P.C., Law 4987/2022 A’ 206) to prove the accuracy of their statement regarding income lower than the evidence.
For the application of the provisions that set conditions for receiving welfare and social benefits, as well as paragraph (b) of paragraph 6 of Article 15, the income taken into account cannot be less than the minimum amount of net income determined by this and Articles 28B to 28D.
This provision does not apply to:
- a) Profits from agricultural business activity,
- b) Those paid in accordance with paragraph (c) of paragraph 2 of Article 12, provided they contribute to up to three (3) natural or legal persons, and to insurance intermediaries who contribute to up to two (2) insurance companies and declare their residence as their professional domicile,
- c) Persons with disabilities equal to or greater than eighty percent (80%), and
- d) Cafes located in settlements with a population of fewer than five hundred (500) residents.
When the professional activities of the debtor are limited in time by legislative and regulatory provisions that restrict the exercise of the activity within the tax year, the evidence applies proportionally for the period during which these activities are allowed.
By decision of the Director of the Independent Authority for Public Revenue (I.A.P.R.), the procedure, timing of the audit, and any other necessary detail for the application of paragraphs 3 and 4 are determined.”
Incomes that reduce the minimum amount of net income from the exercise of business activity
For the debtors of paragraph 1 of Article 28A who earn income from salaried work or a pension under Article 12 or from agricultural business activity under paragraph 1 of Article 21, the amount of paragraph 2 of Article 28A is reduced by an amount corresponding to the income they earn from salaried work, the pension, or agricultural activity.”
Other reductions of the minimum amount of net income from the exercise of business activity and special provisions
Articles 28A and 28B do not apply for the first three (3) years from the commencement of the professional activity of the debtors of paragraph 1 of Article 28A. For the fourth year from the commencement of their professional activity, the minimum amount of net income of paragraph 2 of Article 28A is reduced by two-thirds (2/3). For the fifth year from the commencement of their professional activity, the determined amount of paragraph 2 of Article 28A is reduced by one-third (1/3).
The amount of Article 28A is reduced by half (1/2) for debtors who have multiple children, for debtors with disabilities equal to or greater than sixty-seven percent (67%), for single-parent families with minor children, and for parents with children with a mental or physical disability of at least sixty-seven percent (67%), provided they are unmarried, divorced, or widowed, according to paragraph (c) of paragraph 1 of Article 11, and for taxi operators (TAXI) with ownership ownership of the vehicle not exceeding twenty-five percent (25%).
The amount of paragraph 2 of Article 28A is reduced by half (1/2) for debtors of paragraph 1 who exercise their activity and have their main residence in settlements with a population of fewer than five hundred (500) residents or on islands with a population of fewer than three thousand one hundred (3,100) residents.”
Termination of Professional Activity
The period during which the debtors of paragraph 1 of Article 28A have discontinued their professional activity is not counted for the calculation of the increase in the subpar. aa) of paragraph a) of paragraph 2 of Article 28A and for the time periods of paragraph 1 of Article 28C.”
Taxation on the minimum net income for natural persons who have terminated their individual business activity and have established a sole proprietorship
Following an audit in accordance with Article 23 of the Tax Procedure Code (T.P.C. – Law 4987/2022, A’ 206), income tax may be imposed on income from business activity on a natural person who has operated an individual business under paragraph c) of paragraph 2 of Article 1 of Law 4308/2014 (A’ 251), and, after the entry into force of this provision, has terminated his/her business activity and participates as the sole shareholder or partner in a sole proprietorship engaged in the same business activity. The tax under this provision corresponds to the tax that would be imposed on the natural person on the minimum net income from business activity, in accordance with Articles 28A to 28D, in combination with paragraph 3 of this provision, and may be imposed if the following are found during the audit:
- a) The natural person participates as the sole partner or shareholder in a sole proprietorship that conducts business activity that matches, in terms of the Business Activity Code (B.A.C.), second degree, the business activity that the natural person was engaged in before discontinuing operations, and
- b) The amount of income tax attributable to the profits of the legal entity, when added to the tax that would be imposed on dividends if the total profits were distributed, falls short of the minimum tax that would be imposed on the natural person from the application of Articles 28A to 28D, as long as the natural person continued to operate in the form of an individual business.
For the determination of the minimum net income that the natural person would have if they were conducting the business activity in the form of an individual business according to Articles 28A to 28D, the following apply:
- a) For the increase of the minimum wage from the second three-year period of activity onwards, of the subpar. aa) of paragraph a) of paragraph 2 of Article 28A and the reductions of the minimum net income, for the first five (5) years of activity, of paragraph 1 of Article 28C, the time periods during which the natural person held all the shares or stocks of the sole proprietorship are taken into account cumulatively, as well as those during which the natural person conducted the same business activity, in the form of an individual business.”
- b) for finding the salary of the highest-paid employee of the sub-company, αβ) of paragraph a) of Article 28A, the annual payroll cost of paragraph b) of Article 28A, and the comparison of the business turnover in relation to the average turnover in the activity with the corresponding K.A.D. of the second degree of paragraph c) of Article 28A, are taken into account the data of the legal entity,
- c) the reduction of the minimum amount of net income based on income from employment, pensions, and agricultural activities of Article 28B, the exemption based on disability of paragraph 2 of Article 28G, and the reduction based on the place of residence of paragraph 3 of Article 28G are applied if the relevant conditions exist for the individual.
Paragraphs 3 and 4 of Article 28A apply proportionally for the purpose of challenging the tax arising from paragraphs 1 to 3.
For the determination of the tax in paragraph 1, from the tax corresponding to the minimum amount of net income determined according to paragraph 3, the amount of taxes of paragraph b) of paragraph 1 corresponding to the profits of the legal entity and dividends is deducted.
If for different time periods within the same tax year, the individual conducts the same business activity, both as a sole proprietorship and through a sole-person company, in which they are the sole partner or shareholder, this provision applies for the period during which the business activity is conducted through the sole-person company.
This article applies to income earned until the tax year 2026.”
If the income from the exercise of business activity for the tax year 2023 is determined in accordance with Articles 28A to 28D of the Income Tax Code (Law 4172/2013, A’ 167), the amount of advance tax of Article 69 on the amount by which the ascertained income exceeds the declared income is reduced by half for the year 2024.
Articles 27, 28, and 29. Income from short-term rental of real estate, duration of short-term rental of real estate, and inclusion in the VAT regime.
Income from short-term rental of real estate.
The income acquired by natural persons from the short-term rental of up to two (2) real estate properties, as defined in Article 111 of Law 4446/2016 (A’ 240), is considered income from immovable property, and Article 39 and paragraph 4 of Article 40 of this Code apply, provided that the properties are rented furnished without the provision of any services other than the provision of bed linen. In cases where any other services are provided, this income constitutes income from the business activity of Article 21 of this Code. Income from the short-term rental of real estate is also considered income from business activity for natural persons renting three (3) or more properties.
Income acquired by legal entities or legal entities from the short-term rental of real estate, as defined in Article 111 of Law 4446/2016 (A’ 240), is considered income from business activity.
Short-term rental is defined as the rental or sublease of real estate, regardless of whether it is listed on a digital platform within the sharing economy or not, and regardless of whether the contract is concluded through the digital platform, for a specific period of less than sixty (60) days, and provided that no services other than accommodation and the provision of bed linen are provided.
There is a possibility of short-term rental of real estate through digital platforms in the context of the sharing economy, under the following conditions:
- The real estate manager must be registered in the “Short-Term Residence Real Estate Register” maintained by the Independent Public Revenue Authority (A.A.D.E.).
- The registration number in the Short-Term Residence Real Estate Register must accompany the posting of the property on digital platforms, as well as on any means of promotion.
- In cases where real estate managers have a Special Operation Mark (E.S.L.) according to the provisions of Articles 1 to 4 of Law 4276/2014 (A’ 155) and paragraph 5 of Article 46 of Law 4179/2013 (A’ 175), or have submitted a notification according to Article 6 of Law 4442/2016 (A’ 230) and Articles 1 to 4 of Law 4276/2014, they are not obliged to register in the Short-Term Residence Real Estate Register but are required to display the Special Operation Mark (E.S.L.) or notification number prominently when posting the property on digital platforms, as well as on any means of promotion.
Registration in the Short-Term Residence Real Estate Register is carried out per rented property.
3α. If the set of apartments in a multi-apartment building or complex is leased for short-term rentals, the said multi-apartment building or complex is considered a tourist accommodation and must have a Special Operation Sign (Ε.Σ.Λ.) or have submitted a notification.
- Property managers who do not have a Special Operation Sign (Ε.Σ.Λ.) or have not submitted a notification are obliged to submit a Short-Term Stay Declaration in an electronic application to be created by the Independent Authority for Public Revenue (Α.Α.Δ.Ε.) and do not submit Declarations of Information on Real Estate Rental. The same obligation to submit a Short-Term Stay Declaration applies to individuals mentioned in paragraph 5 of Article 46 of Law 4179/2013.
4a. The owner of the property, the lessee, the trustee, or the sub-lessee, when assigning the management of the property to a third party for the purpose of short-term leasing, is obliged to submit a Declaration of Information on Real Estate Rental in which they will record the details of the property manager. In the absence of such submission, they are considered the property manager themselves.
- In case of joint ownership of a property, when one of the co-owners is the property manager, the other co-owners are not obliged to submit a Declaration of Information on Real Estate Rental.
- The owner of the property, the lessee, the trustee, or the sub-lessee, if they lease property with the right to sublease, still have the obligation to submit the Declaration of Information on Real Estate Rental, in accordance with the current provisions.
5a. In case of non-compliance with the conditions of paragraphs 2 and 8, property managers are subject to an independent administrative fine per year, equal to fifty percent (50%) of the gross income of the tax year in which the violation occurs, which cannot be less than five thousand (5,000) euros. The fine is public revenue, imposed and collected in accordance with the provisions of the Code of Administrative Procedure (Κ.Ε.Δ.Ε.) by the Independent Authority for Public Revenue (Α.Α.Δ.Ε.). Upon finding the violation, the property manager of short-term rental is obliged to take the necessary compliance measures within fifteen (15) calendar days. In case of repeated non-compliance with the provisions of paragraphs 2 and 8, within one year from the issuance of the fine notice, the fine is doubled.
- In case of non-submission or submission of an inaccurate Short-Term Stay Declaration, a fine equal to double the rent, as it appears on the digital platform on the day of inspection, is imposed on the property manager.
- In case of late submission of the Short-Term Stay Declaration, an independent administrative fine of one hundred (100) euros is imposed. The fine of the first paragraph is not imposed if the income resulting from the late submission of the Short-Term Stay Declaration is included in the income tax return of the respective tax year.
- In case of non-response to the request of the Independent Authority for Public Revenue (Α.Α.Δ.Ε.), the fines of paragraphs c’ and d’ of paragraph 2 of Article 54 of Law 4174/2013 (Α’ 170) are imposed.
5Α. Short-term rentals of paragraph 1 are subject to the residence tax of paragraph 1 of Article 1 of Law 339/1976 (Α’ 136).
Inclusion of short-term rental in the Value Added Tax regime:
- a) The operation of hotels, furnished rooms, houses, campsites, and similar facilities, properties for short-term stays, parking spaces of all kinds of transport vehicles, and trailers, by legal entities or natural persons who have at least three (3) properties for short-term stays.
Stays in hotels and similar places, including the provision of holiday accommodation and the rental of space in campsites or camping sites for trailers, as well as short-term stays, if the lessor is a legal entity or a natural person who owns at least three (3) properties for short-term stays.”
Article 30. Climate Resilience Fee – Replacement of Hotel Stay Tax.
Climate Resilience Fee
A climate resilience fee is imposed in favor of the State.
1A. The climate resilience fee is imposed per daily use and per room or apartment, during the months of March to October, as follows:
- a) For main hotel accommodations of sub-category aa’ of paragraph 2 of Article 1 of Law 4276/2014 (Official Gazette A’ 155):
- aa) 1-2 stars, one and a half (1.50) euros,
- ab) 3 stars, three (3.00) euros,
- ac) 4 stars, seven (7.00) euros,
- ad) 5 stars, ten (10.00) euros,
- b) For furnished rooms or apartments for short-term rental of sub-category gg) of paragraph b) of paragraph 2 of Article 1 of Law 4276/2014, one and a half (1.50) euros,
- c) For properties made available through short-term leases under Article 111 of Law 4446/2016 (Official Gazette A’ 240) and Article 39A of the Income Tax Code (Law 4172/2013, Official Gazette A’ 167), one and a half (1.50) euros. If the properties made available through short-term leases are single-family homes exceeding eighty (80) square meters, a climate resilience fee of ten (10) euros is imposed
- d) For self-catering accommodations – tourist furnished villas of sub-category aa) of paragraph b) of paragraph 2 of Article 1 of Law 4276/2014, ten (10) euros.
1B. The climate resilience fee is imposed per daily use and per room or apartment, during the months of November to February, as follows:
- a) For main hotel accommodations of sub-category aa’ of paragraph 2 of Article 1 of Law 4276/2014:
- aa) 1-2 stars, fifty cents (0.50) euros,
- ab) 3 stars, one and a half (1.50) euros,
- ac) 4 stars, three (3.00) euros,
- ad) 5 stars, four (4.00) euros,
- b) For furnished rooms or apartments for short-term rental of sub-category gg) of paragraph b) of paragraph 2 of Article 1 of Law 4276/2014, fifty cents (0.50) euros,
- c) For properties made available through short-term leases under Article 111 of Law 4446/2016 and Article 39A of the Income Tax Code, fifty cents (0.50) euros. If the properties made available through short-term leases are single-family homes exceeding eighty (80) square meters, a climate resilience fee of four (4) euros is imposed,
- d) For self-catering accommodations – tourist furnished villas of sub-category aa) of paragraph b) of paragraph 2 of Article 1 of Law 4276/2014, four (4) euros.
The climate resilience fee is charged to the guest who has used the room or apartment, as per the provisions of paragraph 1, imposed after their stay at the accommodation and before their departure, with the issuance of a special receipt for the collection of the climate resilience fee by the businesses of paragraphs 1A and 1B and by the private individuals of paragraph c) of paragraphs 1A and 1B and is submitted by them to the Tax Administration through monthly declarations. Declarations are submitted by the last day of the following month from the issuance of each special receipt for the collection of the climate resilience fee. The special receipt for the collection of the climate resilience fee is not subject to Value Added Tax. The above fee is not imposed in case of the provision of free accommodation services by the aforementioned liable parties.
Article 31. Deduction of building renovation expenses.
It is provided that expenses for the procurement of materials and the provision of services up to the amount of 16,000 euros can reduce the income tax equally distributed over five years and without the limitation of 40% of the expenses amount that was in effect. The amount of expenses for the purchase of goods taken into account cannot exceed one-third (1/3) of the expenses for the provision of services.
Article 49. Reduction of the capital concentration tax rate.
The capital concentration tax rate is reduced to 0.2% from the previous 0.5% that was in effect. This article applies to transactions for which the tax liability arises after the publication of the law.
Article 50. Reduction of the sales tax rate on listed shares.
A tax (“Sales Tax”) is imposed with a rate of one per thousand (1‰) on the sales of shares listed on a regulated market or multilateral trading facility operating in Greece according to Law 4514/2018 (Official Gazette A’ 14), regardless of whether the relevant transactions are conducted within or outside the above-mentioned trading venues. The Sales Tax is not imposed, on a case-by-case basis, if an exemption is provided for according to special provisions.
Article written by Christos Triantafyllopoulos
Founder & CEO of Aegean Consulting
The above text is for informational purposes only and it does not substitute specialized advice