Greece: Implementation of Capital Gain Tax - update II
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Further to our Taxflashes1 concerning the Capital Gains Tax provisions and implementation, we hereby provide a further update on this issue.
According to information we have received from our local depository, the deputy Minister of Finance in Greece has suggested that the implementation of Capital Gains Tax, previously scheduled for the 1 January 2012, should be postponed for a further six months.
Note: The tax on equities sales transactions would continue to apply as currently.
The postponement will require the approval of the Greek Parliament to become effective.
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.
1. T11040, dated 14 July 2011, and , dated 29 November 2011.