Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
This is a first step in that direction:

Businesses will have to pay a 26 pct tax on expenses made for supplies bought from countries with preferential tax regimes which will be returned within 12 months, after it is proved the transaction was real, according to a new provision which will be included in the draft bill on settling overdue debts towards the state.

The provision concerns article 21 of the finance ministry's bill which aims at blocking tax evasion through triangular transactions through tax havens and countries which impose very low taxes on business profits.

The ministry's 2014 list with countries that have preferential tax regimes or low taxes on business profits include, among others, Cyprus, Albania, Andorra, Bulgaria, Gibraltar, Ireland, FYROM, Qatar and the United Arab Emirates.

They're watering it down a bit, since it could kill legitimate business especuially with neighbouring countries, and the "business community" is furious, but it will be implemented.

Note that between the Latsis and Vardinogiannis oil companies the fines that were dismissed buy the previous administration [link in Greek] (going back a decade) were of the order of 1.2 billion Euros and had to do exactly with this "triangular" tax-avoidance schemes

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Fri Mar 20th, 2015 at 02:41:35 PM EST
[ Parent ]
How will this impact Hellenic Bottling? They moved HQ but kept production in Greece. I wonder if they will think about moving production out of Greece now.
by Upstate NY on Sat Mar 21st, 2015 at 11:14:30 AM EST
[ Parent ]


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