Answer ... Investment vehicles: The following investment vehicles are exempt from income tax (with few exceptions) and instead are subject to the taxes described below:

• Real estate investment companies: These are subject to a special annual tax applied to the amount of their average investments plus cash, in current values, as stated in their six-monthly investment schedules. The rate is calculated as 10% of the European Central Bank intervention interest rate (‘reference rate’) plus 1%. However, the rate of applicable tax cannot be less than 0.375% per semester (ie, 0.75% annually).
• Real estate mutual funds: These are subject to a special annual tax applied to the amount of their six-month average net assets. The rate is calculated as 10% of the reference rate plus 1%. However, the rate of applicable tax cannot be less than 0.375% per semester (ie, 0.75% annually).
• Undertakings for collective investment in transferable securities (UCITS): These are subject to a special annual tax applied to the amount of their six-month average net assets (or compartments). The rate is calculated as 10% of the European Central Bank main refinancing operations interest rate plus up to 1%, depending on the specific UCIT’s (or its compartments’) investment profile classification. However, the rate of applicable tax cannot be less than 0.025% to 0.375% per semester, depending on the specific UCIT’s (or its compartments’) investment profile classification.
• Portfolio investment companies: These are subject to a special annual tax applied to the amount of their six-month average investments plus cash. The rate is calculated as 10% of the reference rate plus 1%. However, the rate of applicable tax cannot be less than 0.375% per semester (ie, 0.75% annually).

Securitisation: A package of tax exemptions applies to securitisations performed under the relevant Greek law (Law 3156/2003), including an exemption for the transfer of receivables to or from the special purpose vehicle, and of relevant derivatives and credit agreements.

Shipping: Ships flying the Greek flag are subject to a tonnage tax. No further tax is imposed on the respective profits and dividends (also at shareholder level), including any gains from the sale of the ship. The same applies with respect to ships flying a foreign flag and managed by a ship management company established in Greece under the special regime set out in Article 25 of Law 27/1975 (see below), subject to the Greek income tax provisions that may apply to income arising from such ships in Greece, as well as subject to any applicable bilateral treaties (including double tax treaties) entered into by Greece. Also, a tax exemption applies to the transfer of shares in ship-owning companies (irrespective of flag), as well as to the transfer of holding companies that directly or indirectly hold ship-owing companies.

Under certain conditions, tonnage tax also applies with respect to ships flying an EU/European Economic Area flag and not captured by the exemption described above.

Ship management companies of Greek or foreign-flagged ships over 500 tons gross registered tonnage, with the exception of passenger coasters and vessels used exclusively within Greece, may apply for a licence in Greece (for either a Greek company or the office or branch of a foreign company) to establish and operate under the special regime set out in Article 25 of Law 27/1975. Companies subject to this regime are exempt from tax on the profits deriving from the licensed activity.

Exploration and production of hydrocarbons: The law regulating the exploration and production of hydrocarbons contains detailed provisions on the taxation of concessionaires and the calculation of taxable income. However, special provisions (which override those set out in the exploration and production law) are also set out in the specific concession (lease) agreements entered into between the Greek government and each concessionaire and ratified by law. In general, a fixed 25% tax (consisting of a 20% special income tax and a 5% regional tax) is imposed on the concessionaire’s profits, which exhausts the tax liability of the concessionaire and its shareholders with respect to the relevant income. Tax exemptions are provided with respect to transfers of contractual rights, leases of property, loans and credit agreements.

Answer ... The Greek tax law provides for the possibility of tax-neutral mergers, conversions, demergers and other reorganisations.

Answer ... No.

Answer ... Local accounts should be kept in euros.

Answer ... Income from intangibles is treated as ordinary business income. Royalty payments to non-residents in principle attract a 20% withholding tax.

Answer ... Yes, such contributions are tax deductible.

Answer ... The corporate income tax rate applicable to credit institutions (as defined in Article 4.1(1) of EU Regulation 575/2013) is 29%.

Answer ... No.

Answer ... No.