• 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)

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.


Share this

Share this


Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)

Already a Subscriber? Login

Not a member? Subscribe now