The last couple of months and up to 27th November, there is an open discussion on the draft legislation of the Ministry of National Economy and Finance<\/strong>. Some of the measures have been brought into scope from the previous editions of our Newsletter (i.e., the full application of EFT\/POS, the MyData interface, the limitation of cash etc. to name a few) and they are ought to cut-off tax avoidance<\/strong>. Some further measures that are under preview and are about to be covered in this issue are:<\/p>\n Furthermore, this issue provides\u00a0 updates on the imminent changes in the capital accumulation tax<\/strong> among other tax incentives.<\/p>\n Apart from the draft law, there will be a brief guide on the recent obligation of financial data publication<\/strong> to the authorities from foreign branches in Greece<\/strong>, which are now going to provide 2023 base information as does other Greek incorporated entities.<\/p>\n Some of the\u00a0 measures are:<\/strong><\/p>\n On the provisions of the Individuals running an Individual Business, the entrepreneurs and the Self-Employed there are some of the main tax changes on debate. Those are:<\/p>\n The Draft law is looking to amend the annual minimum profit definition and reduce it. That is the annual minimum profit as obtained by those Individuals running an Individual Business, the entrepreneurs and the Self-Employed and it is being presumed not to fall beyond the amount determined by their deem income. This deem income will be a function of the duration of their self-employment activity, the number of employees set under this business activity VAT Number and Greece\u2019s minimum annual salary (set at EUR 10.968).<\/strong> Those with agricultural activities or self-employed freelancers considered to be subject of employment income will be exempted.<\/p>\n<\/div><\/div> On the Real Estate Transfers the draft law proposes an optimization of the operation\u00a0 via the expansion of electronic means in order to be less complex and punctual.<\/p>\n The posed “Simplification and acceleration of the transfer of real estate and faster resolution of outstanding land registry matters intends<\/em>\u201d, among other things, the extension of the possibility of final signature to the deputy heads, the heads of the body’s legal service and P.E. employees. Legal, with supra-local competence, which is also contributed to supervisors.<\/p>\n With the new law, the necessary reduction in bureaucracy is developing with the abolition of the TAP non-debt certificate in the purchase and sale of property, and instead of annexation, the Hellenic Land Registry undertakes to notify each Municipality of the area of the property in each change of ownership within its boundaries. Subsequently, the Municipalities can confirm the fee and that it’s collected through AADE, while the obligation to submit multiple excerpts of the cadastral figure( AKD) for the coequal property is annihilated.<\/p>\n Beholding the issue of absence of edge incentives, the succeeding changes are being presented:<\/p>\n On 30\/11\/2024 the end of the general deadline for land registration has been set. There will be a new interactive map of individual land registration, simplification of the declaration and transfer procedures for State and Municipal properties, but also the possibility of correcting inaccurate records for bona fide owners of 35 areas.<\/p>\n An expected Stock exchange transaction tax reduction with the view of becoming Greece further appealing market is included in the later reduction in inflation rate and Greece\u2019s grade upgrade. The draft law Articles 46 and 47 bring into light the upcoming amendments of Article 21 of Law Act 1676\/1986\u00a0 and Article 9 of the Law Act 2579\/1998. The proposed decrease in capital accumulation tax (CAT) and the transactional tax (TT) is about to be applied about a month after the 29th of November parliament resolution. Having said that, the amendments proposed are the following below:<\/p>\n The Ministry of Development Draft law incorporates the Directive (EU) 2021\/2101 of the European Parliament and the Council of 24 November 2021 as per the Directive (EU) 2013\/34 amendment with regard to publication of income tax information by certain undertakings and branches (L 429). The Greek national legislation on publicity obligations of the companies is updated and it is in accordance with articles 39 par. i & 43 par. i of 4919\/2022.<\/p>\n Articles 39 par. i & 43 par. i of 4919\/2022 refer to the obligation of providing financial data registered by the branches of foreign companies in GEMI, as does the parent company. All transactions and all events recorded in the accounting records are incorporated into the financial statements of the period based on the provisions of this law. The financial statements are a single entity and present reasonably (reasonable presentation), in all material respects, the recognized assets (assets), liabilities, net worth, income, expenses, profits and losses, as well as the cash flows of each period, as the case may be, in accordance with the provisions of this law.<\/p>\n All foreign Branches in Greece will provide the aforementioned financial data effective immediately for the data starting on 12\/31\/2019 onwards, including the accounting documents of the parent foreign company officially translated and apostilled, as prepared, checked, and published according to the law of the Member State from which the company is governed. These data should be registered to the branch’s portion of the Greek Registrar (GEMI) on an annual basis, as per the law 5066\/2023, automatically on the registrar website (EU-based parent company) via email (non- EU-based Entities).<\/p>\n No-compliance to the regulator\u2019s request result to the effective immediate suspension of the foreign branch in the Greek registrar as per the Article 29 par.1a Law 4919\/2022.<\/p>\n<\/div><\/div><\/div>\n \n
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\nThe Parliament building from the Monument to the Unknown Soldier (\u00a9 BtE A. Eleftheriou)<\/em><\/small>
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\n\u00a9 Miha Creative \u2013 Shutterstock<\/em><\/small><\/p>\n\n
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\n\u00a9 Andrey Popov \u2013 stock.adobe.com<\/em><\/small><\/p>\n<\/div><\/div> \n
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\n\u00a9 Gorodenkoff \u2013 shutterstock.com<\/em><\/small><\/p>\n<\/div><\/div>![\"\"](\"https:\/\/www.ecovis.com\/greece\/hellas\/wp-content\/uploads\/sites\/5\/2023\/11\/FRA_NL0323-2.jpg\")
\n\u00a9 ronstik \u2013 stock.adobe.com<\/em><\/small><\/p>\n