Global

EU Member State Comparative Financial Transaction Tax Survey - Greece 

An overview of Greece, one of eight EU Member States considered to apply a tax on financial transactions.

Status

In force

Introduced

Introduced in 1998 and amended last in 2011

Legislative reference

Law 2579/1998 and Law 2238/1994 as amended by Law 3943/2011.

In scope instruments

  • listed shares acquired up to 31 December 2012 are subject to a sales tax at the rate of 0.2 percent
  • listed shares acquired as of 1 January 2013 will no longer be subject to the sales tax noted above; rather, any capital gains received will be added to the taxpayer's total income.

Taxable event (transaction)

Sale (including over-the-counter (OTC) sale(s) of listed shares)

Territorial connection for liability – condition for taxability is:

Residence of issuer?

N/A


Location of transaction (e.g. traded on local stock exchange)?

Yes, i.e. the tax applies to the sale of shares listed on the Athens Stock Exchange.


Location of party (e.g. at least one party to the transaction is resident)?

Sales tax (for shares acquired up to 31 December 2012) applies irrespective of the seller's nationality. The tax also applies to the sale of shares listed on a foreign stock exchange, if the seller is a Greek resident.


Financial intermediary is resident?

N/A

Other relevant conditions for taxability

N/A

Exempt transactions

N/A

Person responsible for collecting/remitting tax

For the sale of shares which have been acquired up to 31 December 2012 the tax due is settled each month through the brokers and is paid by the Hellenic Exchange SA. In the case of a sale of foreign-listed shares, the seller is required to remit the sales tax.

Liable persons

The Hellenic Exchange SA/the seller

Person who in practice bears the tax

The seller

How enforced

See previous comments

Penalties in case of failure to file/pay

Surcharges and penalties for inaccurate submission of the income tax return.

Tax base

For the sale of shares acquired up to 31 December 2012, sales tax is calculated on the value of the shares sold.

Tax rate(s)

Sale of shares acquired up to 31 December 2012: The sale of shares acquired up to 31 December 2012 and which are listed on ATHEX or to a foreign stock exchange is subject to a 0.2 percent tax. See also previous comments.

Cap/Floor/Threshold/Allowance

N/A

Other comments

N/A


Angela Iliadis

KPMG in Greece

+30 210 60 62 116

Katerina Iliakidi

KPMG in Greece

+30 210 60 62 178

Share this

Share this

Follow us

follow us on Twitter
follow us on Linkedin

EU Financial Transaction Tax draft directive

Text from the original EU financial transaction tax draft directive that has been adapted to include related referenced content.

KPMG's EU Tax Centre

EU direct tax practice
KPMG member firms have set up an EU Tax Centre to help you understand the implications of EU tax law and how it can help your business.