Taxation News – Amendments of tax

Taxation News – 11th Issue (January 2017)-Amendments of tax

Greece

Amendments/introduction of new tax provisions

The recently published (on 21.12.2016) law 4446/2016 includes amendments to current tax
provisions and also includes new ones. The most significant of these provisions are the following:

1. Voluntary Disclosure of Income of previous years

A new Voluntary Disclosure Program is introduced for the Undeclared Income of
previous years providing for special conditions and importantly reduced fines. The said
legislation is entered into force on 21.12.2016 and applies to the following taxpayers
(both individuals and legal persons):

a) who have not submitted any tax returns or have submitted incomplete or
inaccurate tax returns for all taxes, duties or contributions and for whom no tax
audit has been issued, and
b) for whom an audit mandate has been already issued or will be issued up to
31.05.2017.

• The above described persons are subject, under certain conditions and deadlines each
  one of them, to additional tax which is further re-adjusted from 5% up to 25%
  depending on the year in which the deadline for the submission of the initial tax return
  expired.
• The application of the Voluntary Disclosure Program ensures that no other
  administrative and/or criminal penalties would be imposed to the taxpayer regarding
  the tax infringements restored by the implementation of the Programme, whilst any
  safeguard measures that have been imposed are relieved.
• The tax due shall be paid in a lump sum within 30 days from the submission of the tax
  return. It is mentioned that the tax would not be refunded, whereas the tax payer may
  benefit form the available debt settlement programs.

1. Safeguard and monitoring of transactions
2. Use of electronic means of payment
3.  Airbnb taxation

• The tax treatment of a foreign legal person
• Procedures for the change of the
  name/address – deregistration of a foreign
  entity
• Tax treatment of the received insurance
  payment following the expiration of a
  group insurance policy
• Automatic Exchange of Financial Account
  Information

Romania

Law no. 209/2016 on the amendment and completion of the Urgency Enactment no. 193/2002 regarding the introduction of modern payment systems

EU

The European Commission proposes a Corporate Tax Package

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