Also in the news...
The landmark deal is expected to add at least £270 million a year to the Scottish economy, with food and drink and renewable energy businesses set to benefit.
Running throughout the summer, Charterhouse Lombard is offering cost-effective setup packages with the option of buying a multi-year license at a significant discount. Get in touch with us today to ask about:
A Joint Statement between the United Kingdom and Thailand concluding the first Joint Economic and Trade Committee
Documents containing treaty information and a summary of the UK-Andean countries trade agreement.
The International Trade Secretary hosts high-level talks on how the international community can help rebuild Ukraine after the conflict.
Legislative Changes In Greece
Our experts in Greece provide the following summary of the country's legislative changes over the past two weeks as the economic crisis continues.
1. Income tax return
The deadline for submission of the Income Tax Returns of legal entities and individuals has been extended until today, 4 September 2015. No penalties of article 4174/13 will be imposed for late submission, only 0,73% for late payment.
2. Advance payment
Increase of the advance payment on income tax:
i) For individuals (55% til 31.12.2014)
(1) 75% advance payment in 2015
(2) 100% advance payment in 2016
ii) For legal entities (80% til 31.12.2014)(1) 100% advance payment with retroactive effect from 01.01.2014.
Clarifications have been given by the Ministry of Finance regarding the exemption of 23% VAT of the education services provided by bodies governed by public law and legal entities of non-profitable organisations. The pre-school education services are exempted.
As of 1 October 2015 the format of the VAT form changes.
4. Tax on property
We are expecting the decision regarding the issue of tax on properties which, as it is rumoured, will be the same as the 2014 prerequisites.
5. Import tax
The 26% withholding tax on companies from Cyprus, Bulgaria and Ireland (countries with preferential tax regime) is abolished.
6. Discussions (to be commenced in the near future)
a) The possibility of imposing tax on properties that are owned by residents outside of Greece (in case tax is not paid there) as well as the foreign bonds.
b) The obligation to obtain a VAT number for newborns.
c) During the data verification process regarding the tangible and intangible assets (“Periousiologio”) of all taxpayers, they will be asked to declare any undeclared income that is not justified by the relevant declaration (“pothen esxes”).
For this income a tax will be imposed which should have been paid according to the tax scale that was valid during the period the income was generated. The same applies for the deposits that are held in foreign banks originating from undeclared income. Finally, the same will apply for the assets of which possession is not justified by the “pothen esxes”.