Recently, the Greek Finance Ministry announced new modifications
to the tax regime in Greece. Herein below we present a summary of
the as amendments which have been published
(ΔΕΑΦ Α 1034297 ΕΞ 2016)
by the Public Revenue Office on March 3, 2016.
The document specifies the following:
The provisions of Article 22 of
n.4172 / 2013 specified that in determining the profits of a
business, all expenses may be deducted subject to the provisions of
Article 23 of the ITC, which further defines deductible expenses as
a) Correspond to the actual transaction and the value of the
transaction is not considered inferior or superior to the market
values, based on information available to the Tax
b) Are recorded in the period in which they occur and are
substantiated by adequate supporting documents.
According to article 23 case C of the
Tax Code, unpaid social security contributions do not constitute
The paid social security
contributions of natural persons who conduct a business through an
individual enterprise and who are members of a personal or civil
law company may be deducted from the gross revenue of their
The paid social contributions of
partners in limited liability companies (ΕΠΕ) or
private companies (ΙΚΕ) are not deductible from
the gross revenue. Nevertheless, when the partners receive
remuneration and conduct business, their social security
contributions are deductible from the gross revenue of their
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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