DIVIDEND TAX REDUCTION

As part of our Company’s commitment to keeping you informed, we would like to inform you on the reduction of tax on distributed dividends.

          In particular:

          By virtue of Article 65(1) of Law 4603/2019 (Government Gazette, Series I, No. 49), the dividend tax rate dropped from 15% to 10%. Similarly, the tax withholding rate on dividends was set at 10% instead of 15% as previously in force.

          Pursuant to the provisions of paragraph 3 of this Article, the new tax rates shall apply for all income received during tax years starting from 01.01.2019 onwards.

Reduced tax rates shall apply to:

a) income distributed by Sociétés Αnonymes, Limited Liability Companies and Private Companies, for which the relevant distribution approval decision (for the current or previous tax years) was made by the competent body of the legal person from 01.01.2019 onwards.

If Sociétés Anonymes have distributed interim dividends or Limited Liability Companies or Private Companies have proceeded to temporary withdrawals instead of profits during tax year 2018, on which a 15% withholding tax rate has been applied, given that such distribution decision is subject to the approval of the Ordinary General Meeting of Shareholders or Partners respectively, which will take place during tax year 2019, the new reduced 10% tax rate shall apply.

b) For income from foreign dividends, the reduced 10% tax rate shall apply when the right of collection thereof (e.g. decision made by the competent body) was obtained after 01.01.2019, and even when this date is not easily identifiable, when their payment to the beneficiary, through bank account credit or otherwise, takes place after 01.01.2019.

Finally, in case that, until Law 4603/2019 reducing tax rates was published on 14.03.2019, the 15% tax rate (instead of the reduced 10% rate) has been applied, the 5% additional tax shall be returned as an unduly paid amount.

 

REPEAL OF CAPITAL CONTROLS

According to the relevant announcement of the Prime Minister, from 01.09.2019 the capital controls on banking transactions, which were in force for about 50 months, shall cease to apply.

In details :

a) The restriction up to 10,000.00 euros of cash per travel which applied to residents of the country when travelling abroad is repealed.

b) The restriction of export of funds by natural persons up to 4,000.00 euros per two months is repealed.

c) The restriction of export of funds up to the amount of 100,000.00 euros daily, for the conduct of commercial transaction by the submission to the Bank of the invoices and the relevant solemn declaration that the invoices have not been submitted to another Bank.

d) The payment of hospital charges and medical expenses abroad, by the submission of the necessary supporting documents to the Bank, as well as the transfer of the relevant amount to the bank account of the Hospital and not of the beneficiary itself is repealed.

e) The limit of 2,000.00 euros or its equivalent in foreign currency, for the companion of the person who travels abroad for hospitalization is repealed.

f) The limit of 8,000.00 euros per quarter for students abroad in case the amounts are paid in accounts of students residence or leased residence, by the submission of supporting documents is repealed.

g) The payment of tuition fees abroad is liberalized and the mandatory transfer of the amount to the account of the Education Institution is repealed.

h) The limit of transfer of amounts up to 5,000.00 euros per quarter for accommodation expenses and living expenses of students abroad and to the bank account of the student itself is repealed.

i) The prohibition of payroll payment abroad is repealed.

j) The payments in POS of foreign bank are liberalized and now that shall be done without a relevant authorization by the Committee for the Approval of Banking Transactions.

k) The limit of withdrawal abroad by card of amounts up to 5,000.00 euros is repealed.

l) The prohibition of transactions through the internet if the electronic stores are clearing card transactions in an account held in a Bank abroad is repealed. These transactions are : transfer of money abroad, purchase of works of art and auctions, transactions with betting companies, purchases in jewelry shops, purchases in general accounts suspected for the transfer of pornographic material, in personal escort services, in payments to charity organizations and in purchase of catering services.

Security Technician

As part of our company’s commitment to keeping you informed, we would like to advise you, in relation to the assignment of security technician duties (50067/28/2017), of the following:

Overwork – Overtime

As part of our company’s commitment to keeping you informed, we would like to advise you that, based on decision 32143 / Δ1.11288 - Government Gazette, Series II, No 2401/22.06. 2018 of the Ministry of Labour, with effect from 01.07.2018 extra time and legal overtime will be announced on the ERGANI Information System on the day they are undertaken and indeed before such work has started. This is in contrast to the procedure followed up until now, whereby notifications of overtime for each month (form E8) were made by the 15th of the following month.

Page 1 of 13

© 2018 Dinamiki. All Rights Reserved. Designed By Centiva Software Solutions