Answer ... Value added tax (VAT): Directive 2006/112/EC has been introduced into Greek law. As a rule, VAT is levied on any supply of goods or services made for consideration by any person engaging independently in economic activities. The law provides for various exemptions and zero-rated transactions. The standard VAT rate is set at 24%, while reduced rates of 13% and 6% apply to the supply of certain goods or services.

Stamp duty: Stamp duty (at the rates of 3.6%, 2.4% and 1.2%) is levied on certain transactions and/or documents which fall outside the scope of VAT. The most common cases where stamp duty applies are loans (excluding bonds and bank loans) and non-residential property rentals.

Capital duty: Capital duty of 1% is charged on any capital increase during the lifetime of a company. However, no capital duty is charged on incorporation. Especially in the case of sociétés anonymes, a special levy of 0.1% is also due with respect to any capital contribution, either on incorporation or on any subsequent capital increase.

Excise duties: Excise duties apply to alcohol and alcoholic beverages, coffee, manufactured tobacco, energy products and electricity.

Real estate transfer tax: The transfer of real property falling outside the scope of VAT attracts real estate transfer tax at 3% of the property’s value.

Tax on insurance premiums: Insurance premiums are subject to tax at the following rates:

• fire insurance  20%;
• life insurance  4%; and
• other insurance  15%.

Television advertisements: Television advertisements are subject to a 5% tax calculated on the advertisement’s value.

Answer ... The sale of listed shares attracts a 0.2% transfer tax.