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Results: 4 Answers
Corporate Tax
6.
Compliance
6.1
What are the deadlines for filing company tax returns and paying the relevant tax?
 
Greece
Corporate tax returns should be submitted by the last business day of the sixth month following the end of the fiscal year.

The tax is payable in up to six equal monthly instalments, the first of which should be paid by the last business day of the month following that in which the filing is due; the remaining five instalments are payable by the last business day of the following five months, provided that the tax will be fully paid within the same tax year.

In addition, an advance payment regarding the following year’s tax liability is payable in an amount equal to the tax due for the year to which the return relates.

For more information about this answer please contact: Xenofon Papayiannis from KLC Law
6.2
What penalties exist for non-compliance, at corporate and executive level?
 
Greece
Corporate level: The assessment of additional corporate tax as a result of filing a corporate tax return which is found to be inaccurate upon a tax audit triggers the following penalties:

  • If the excess tax is between 5% and 20% of the tax declared, the penalty is 10% of the excess tax.
  • If the excess tax is more than 20% and up to 50% of the tax declared, the penalty is 25% of the excess tax.
  • If the excess tax is more than 50% of the tax declared, the penalty is 50% of the excess tax.

Upon a tax audit, the assessment with failure to file a corporate tax return triggers a penalty equal to 50% of the tax avoided.

A failure to file a withholding tax return or filing of an inaccurate withholding tax return identified in a tax audit triggers a penalty equal to 50% of the amount of the unpaid tax.

In all of the above cases, as well as in case of overdue payment of taxes, interest is assessed (the current rate is 0.73% per month).

The law also provides for minor penalties with respect to various trivial violations.

Executive level: Chairmen, managers, administrators, managing and executive directors and liquidators of legal entities who are in office at the time of dissolution or merger are jointly liable for any taxes (including penalties and interest) owed by the legal entity.

The same persons are jointly liable for withholding taxes and value added tax during the legal entity’s operation, as follows:

  • if the tax has been withheld or accounted for, all persons who held one of the above positions from the deadline for payment of the relevant tax return onwards; and
  • if no tax has been withheld or accounted for, all persons who held one of the above positions at the time when the tax ought to have been withheld/accounted for.
For more information about this answer please contact: Xenofon Papayiannis from KLC Law
6.3
Is there a regime for reporting information at an international or other supranational level (eg, country-by-country reporting)?
 
Greece
Greece is a party to the Organisation for Economic Cooperation and Development’s (OECD) Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (Common Reporting Standard) and has also implemented in local law Directives 2011/16/EU and 2014/107/EU.

Greece is a party to the OECD’s Multilateral Competent Authority Agreement on the Exchange of Country by Country Reports and has also implemented in local law Directive 2016/881/EU.

Greece has signed with the United States and has ratified by law a bilateral agreement (Model 1 Inter-governmental Agreement) to provide for implementation of the Foreign Account Tax Compliance Act.

For more information about this answer please contact: Xenofon Papayiannis from KLC Law