Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/19/2014

Greece - New real estate tax regime for 2014 

March 19:  The “unified real estate ownership tax” replaced the real estate ownership tax (ΦΑΠ) and the “extraordinary special” real estate duty (as levied through the electricity bills for the subject property).

Under the new law (effective beginning for 2014), companies owning Greek real estate as at 1 January of each year are subject to the “unified real estate ownership tax.” This tax is based on previously filed real estate tax returns (on form E9).


E9 returns for 2014 may be filed by the end of May 2014.

KPMG observation

Corporate E9 returns were filed until 2013 solely for informative purposes. As a result, it is possible that those E9 returns may include inaccurate details. Given that E9 returns will now give rise to a tax liability, the accuracy of their content is critical for proper assessment and remittance of the correct amount of of the “unified real estate ownership tax” and to reduce penalty risk.


Read a March 2014 report prepared by the KPMG member firm in Greece: Unified Real Estate Ownership Tax (UREOT)




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