GREEK LAW DIGEST

199 Dryllerakis & Associates Law Firm exceeding 50% of its turnover in relation to the immediately preceding tax year from the change of shareholding structure or voting rights, tax loss carry forwards seizes to apply. Which are the main filing and payment requirements? SAs are obliged to file their corporate tax returns within six months from the end of the tax year. Other indicative filings:  Periodical VAT returns  Tax withholding returns for payments  A “brief table of information” which includes a brief description of the intercompany transactions subject to transfer pricing documentation and the amounts paid or re- ceived, as well as other information (such as the TP methods used for the documenta- tion of the transactions, information on the functions and risks of the taxpayer etc.) is filed to the Ministry of Finance within the deadline for submission of the annual tax return  A list with the investment expenses under the provisions of the investment laws shall be filed  A declaration regarding the tax deduction for new productive investments in Greece according to investment Laws (tax exempt reserves still to be formed etc)  On a trimester basis a list of the agreements (of the previous three months) between the company and other entrepreneurs  A list with the clients or the suppliers of the company  A list with the agreed discounts to the buyer of the goods or the client receiving the services shall be notified to the head officer of the tax office 4 months earlier  Payroll withholding tax returns on monthly salary payments.  It is to be noted that by virtue of Law 4484/2017 (based on Action 13 of OECD’s BEPS), Greek legal entities, which are either ultimate parent entities controlling a multination- al group of entities (MNEs) or belong to such multinational groups, bear the obligation (upon fulfillment of specific criteria described in the Law) to prepare and file a country– by–country report (“CbC Report”). How are Capital Gains taxed? Capital gains are regarded as business income, although conceptually they may not consti- tute “revenue”. Accordingly, they are taxed at a rate of 29%. It is to be noted that sale of listed shares is subject to taxation under specific conditions, whereas a transaction tax of 2‰ is imposed as well. Which are the main tax withholdings? SAs shall withhold income tax (along with special solidarity contribution) from their em- ployees’ salaries on the basis of their projected annual income and the relevant applicable scale. Other cases of tax withholdings are the following: