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Last minute changes in taxation law

16 April 2010 / 09:04:24  GRReporter
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The 20% tax on capital gains from the sale of shares within three months after the purchase is just one of the recent changes in the new bill on taxation. The government decided to also impose a 10% tax on the profit from the sale of shares acquired within a year. The purpose of these two measures is to balance the securities market and reduce the number of speculative transactions seeking quick profits. Revenue from trading shares purchased within more than one year are not subject to taxation.

Another important change affects owners of real estate property, transferring ownership to corporate assets of the businesses they manage. With the entry into force of the new tax reform, the state imposes a tax of 15% of the tax assessment of the real estate properties of offshore companies, which will be covered by the owner of the company.

Changse have been made to the part of the new tax law that affect the taxation of farmers-traders on the public markets. The Government did not retreat from its position to tax producers with a 10% turnover tax, but agreed with the proposal of the parliamentary groups of New Democracy and LAOS for the 5% tax return at the end of the accounting year. Tax relief will enjoy also the production companies in Greece, which are entitled to 40% non-taxable income in the preparation and dissemination of film productions. In the section on individual taxation, the government decided that since 2011 the spouses fill in two separate tax forms and will be taxed separately and not together as before.

The leader of the parliamentary opposition New Democracy Antonis Samaras said that the bill for the taxation of PASOK is inefficient, improvised and not well thought through. "Clearly the government has no plan for action, after making so many changes in the bill, which it drafted itself " criticizes Samaras. He predicts that soon government will have to introduce further amendments to the imperfect tax legislation because instead of helping to rescue the local economy, it strengthens the recession. Right-wing leader ruled as unfair the including of the agricultural producers who sell their goods on the people’s markets in the lists of retailers.

At the same time the results from the activities of the taxation authorities for the first quarter of this year were announced. Regardless of the increase in VAT and excise duties on fuel, cigarettes and alcohol as well as strengthening control inspections, only three of the 67 regional tax offices in the Athens area report for an improvement in revenue collection. The remaining 64 tax offices registered between 10% and 20% less revenue than the forecast of the Ministry of Finance. The Secretary General of the Ministry of finance made a serious criticism of the directors of the tax offices who have not even provided a report for the first quarter. Analysts claim that if the government fails to put the tax administration in order it will create a problem in the implementation of the objectives under the Program for stability and development.

Tags: EconomyMarketsSociety
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