Taxation News – 8th Issue (December 2015)-Tax Procedure Code
Greece
- Amendments to the Tax Procedure Code (C.T.P.) regarding:
A. Transfer Pricing penalties
B. Penalties for the inaccurate filing / non-filing of a tax return
C. Penalties on V.A.T. infringements
D. Penalties on infringements regarding withholding taxes
On 17 October 2015, Law 4337/2015 introduced amendments which seek the decrease of the
penalties imposed by the Tax Procedure Code.
A. Transfer Pricing penalties
The penalties imposed for the delayed filing / non-filing / filing of inaccurate Summary Information
Table and for the delayed submission / non-submission of the Transfer Pricing Documentation
File are decreased under the new legislation. Moreover, the said penalties are not calculated on
the legal person’s gross profits, but on the value of the intra-group transactions. Specifically:
| T.P. Infringements
|
Amount of penalty | Prerequisites for
penalties imposition |
| Delayed submission of Summary
Information Table |
1/1000 of value of the intra-group
transactions (not lower than 500 € and not higher than 2.000 €) |
|
| Submission of inaccurate Summary
Information Table |
If the inaccuracy is higher than 10%
of the transactions |
|
| Delayed submission of the
amending Summary Information Table |
If the difference from the amended
transactions exceeds 200.000 € |
|
| Non-submission of the Summary
Information Table
|
1/1000 of value of the intra-group
transactions (not lower than 2.500 € and not higher than 10.000 €) |
|
| Delayed submission / non-
submission of the T.P. Documentation File (after the expiry of the one month deadline) |
5000 | Between the 31-60 day |
| 10000 | Between the 61-90 day | |
| 20000 | After the 90 day or non submission |
- Amendments and new provisions to the Tax Legislation regarding:
A. The regulation of 100 instalments (‘doses’)
B. The V.A.T. imposition on educational services
C. The non-recovered income from the lease of real estate property
- The tax treatment of the capital gain of immovable property
Poland
- The answer on how the new government is going to deliver on election promises
Romania
- Applicable tax to the distributed dividends starting with 1 January 2016
Serbia
- The Serbian parliament has adopted the amendments of the Value Added Tax Law whereas their provisions will be coming into effect successively by 1 January, 2017 while Serbian Ministry of Finance has issued an Opinion regarding the V.A.T. status of return of the unsold merchandise
EU
- V.A.T. – deduction of input value
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