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New Tax rules

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  • #30593
    TFC
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        • BIC Junior Member
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        Member since: 8th January 2011

        Does anyone have any comments re the new Tax Evasion bill just passed by parliament? It seems that anyone living in Greece longer than 183 days per year must pay tax in Greece and not in the country where the income originates. How complicated life is getting ::)

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        BullionVault

        #31025
        Kat
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            • BIC Full Member
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            Member since: 3rd December 2010

            Where did you get this information? I saw my accountant in Chania last week and I think he would have known about this if it were true. Besides, what about the double taxation agreement between Greece & the UK?

            #31323
            footscapes
                • Topics: 11
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                • BIC Full Member
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                Member since: 6th April 2006

                TFC – that’s not strictly correct. As per my previous post on this, tax residency does not mean that you will be taxed in Greece, merely that you will be tax resident in Greece and they will have a claim to taxation on worldwide income. Where tax ultimately becomes payable will be determined by any double tax treaty between Greece and the state where income arises, if such a treaty exists. It can vary for different types of income, depending on the treaty terms. There are treaties between Greece and both the UK and Canada – again, see my earlier post for a link to both. You probably need to take proper financial advice about your own situation.

                The new law was only passed on 29th March 2011, so I assume (I stress, assume) that it applies either to 2011 income onwards or income from 29/3/11 onwards.

                Here is a link to the Greek parliament website page "Enacted Legislation" for this particular law http://www.hellenicparliament.gr/Nomothetiko-Ergo/Psifisthenta-Nomoschedia?law_id=687579e4-825a-4ce4-a2e2-6d6d1c1ca8f6  Clause 12 deals with the new residency provisions and the title of the law is "Anti-fraud, Audit Services staffing and other provisions concerning the Ministry of Finance"

                Note that if you click on the "English" button, you are taken to the home page. (I assume that this individual page is awaiting translation). The law is also publicised on the 2 Greek taxation websites that many Greek accountants use http://www.power-tax.gr/ and http://www.taxheaven.gr/ If you translate the news sections of either, you will find something along the lines of "Was adopted Bill Fighting Fraud, audit staffing ….."

                Paul

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