LEGAL UPDATE: REFORM OF GREEK TAX LEGISLATION

Greek tax
Posted on : 10 Dec 2019

On 6/12/2019 the Greek Parliament voted a law reforming the Greek tax legislation. Among other things, a few of the most important amendments are the following:

–  Suspension, until 31.12.2022, of the Value Added Tax (VAT) at the rate of 24% on the sale of new immovable properties (i.e. having a building permit after 01.01.2006). These sales will now be subject to Transfer Tax at the rate of 3%.

– Renewal of the suspension of capital gains tax on transfer of immovable properties for another 3 years.

– Decrease of income tax rates for natural persons.

– Provisions aiming to attract high income tax residents.

– Decrease of tax rate applicable on dividends to 5% (from 10%).

– Decrease of tax rate applicable on corporate income to 24% (from 29%) as of 2019, with the exception of financial institutions.

For more information please do not hesitate to contact us.

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*This publication is intended only to provide general information and does not constitute personal advice. We do not accept or assume any responsibility towards readers of the present document for any loss resulting from acting on the basis of this publication.