Greece: Implementation of Capital Gain Tax – update III
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Further to our Taxflashes(T11040, T11080 and T11082) concerning the Capital Gains Tax provisions and implementation, we hereby provide a further update on this issue.
Based on information transmitted by our local depository, in the Ministerial meeting held on 29 December 2011 it was decided that the Capital Gain Tax implementation, previously scheduled for the 1 January 2012, will be postponed for three months.
Note: The tax on equities sales transactions would continue to apply as currently.
Once implemented, 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.