15 'prior actions' tabled by Greek govt on Monday detailed

Monday, 26 September 2016 22:47
UPD:22:51
EUROKINISSI/ΠΑΝΑΓΟΠΟΥΛΟΥ ΓΕΩΡΓΙΑ

Greek authorities are called on to implement a procedure whereby the viability of legal entities with major arrears to the tax bureau and social security funds is judged, via an objective analysis of their assets, turnover and business prospects.

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The 15 “prior actions” tabled by the Greek government in an omnibus draft bill on Monday, as part of the third memorandum, are as follows:

1. Tax breaks

A review of all tax breaks and incentives, both for individual taxpayers, businesses and corporate entities, with a subsequent inclusion of ones judged as fair and effective in a relevant law, as well as the elimination of tax breaks deemed as ineffective.

2. Shipping

A review of the preferential tax regime for ocean-going shipping, taking into account the EU Commission’s recent directives. This is of particular importance for a sector that comprises one of Greece’s “heavy industries”.

3. Voluntary contribution by shipping companies

An extension is foreseen until 2018 for the measure of allowing shipping companies to offer a “voluntary” tax contribution to the Greek state

4. Audits - Fines

Issuance of circulars detailing the recent changes in the tax code

5. SMEs

Simplification of the income tax regime, the tax base and the process for calculation of social security contributions

6. Corporate

Modification of the tax code for businesses, including corporate mergers, buy-outs and bank accounts containing company reserves

7. Partnerships

Developing a new tax framework for collective investments by partners, based on best practices found elsewhere in the EU.   

8. Auctions

Review and restructuring of the tax code for collecting arrears, including changes in the law for the forfeiture and seizure of assets of debtors.

9. Off shore

Modernization of the legal framework in order combat tax income tax evasion from profits generated by offshore portfolios held by individual taxpayers.

10. VAT

Codification and simplification of the legal framework for VAT remittances

11. Real estate

Harmonizing objective tax criteria employed by the tax bureau with market.

12. Vehicles

Accelerating the process for receiving fines slapped on the owners of uninsured vehicles or vehicles that have not passed inspection

13. Seizures

Employing IT applications that allow for a completely automated process for the seizure of assets by major debtors to the state.

14. Debt write-offs

Modifying the legal framework for dormant arrears to the state, such as criteria for a write-off of debts dating back decades and by companies that have ceased to exist, or even debts owed by deceased taxpayers.

15. Major arrears to the state by legal entities

Greek authorities are called on to implement a procedure whereby the viability of legal entities with major arrears to the tax bureau and social security funds is judged, via an objective analysis of their assets, turnover and business prospects.

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