Greece: Implementation of Capital Gains Tax - update
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Further to our Taxflash T11040, dated 14 July 2011, concerning the Capital Gains Tax provisions and implementation, we would like to provide this further information.
The Hellenic Banks Association has requested that the Greek Ministry of Finance permit a postponement of the Capital Gains Tax implementation currently planned for 1 January 2012.
Although the Hellenic Exchanges are aware of this request, they are obliged to proceed with the implementation as planned until a formal reply is provided by the Greek Ministry of Finance.
Capital Gains Tax will be applicable for Greek residents only. Capital gains will be considered as income and processed through an annual tax return; no deductions will be performed via Clearstream Banking.
We will continue to monitor the Greek market for any new developments and will provide more information as it becomes available.