INCOME TAXATION OF NATURAL PERSONS
1. Changes to the rates of income tax advance payment regarding income from business activities acquired by natural persons of paragraph 1, Article 69 of Law 4172 / 2013:
I. 55% for profits acquired in the tax year 2014.
II. 75% on profits acquired in the tax year 2015.
III. 100% for profits acquired in the tax year 2016 and onwards.
2. Abolishment of the special discount on the cost for bad debt provisions of Article 26, Law.4172 / 2013, foreseen for agents in the range of games prognostic of the company with Greek abbreviation "OPAP".
3. Abolishment from the fiscal year 2015 and onwards of the 2% discount for the single payment of income tax.
4. For income amounts acquired in the fiscal year 2014 by a one-person agriculture business undertaking, the tax in advance is calculated at 55%. For those tax settlements which have already been processed (regardless of whether fully paid or not) new tax settlements will be issued from the Taxis without requiring the submission of amended (correction) tax returns on part of the persons concerned.
INCOME TAXATION OF LEGAL PERSONS
The advance payment of corporate income tax of legal persons is now configured as in the table below:
| L.4172/2013 | Legal persons – Legal entities | tax advance payment rates | ||
| 2014 | 2015 | 2016+ | ||
| Article45 Par.a | Capital companies (SA, Ltd., PCC) | 100% | 100% | 100% |
| Article 45 Par.b | Partnerships (limited partnership, general partnership) | 55% | 75% | 100% |
| Article 45 Par.c | Non-profit legal persons, and all kinds of associations and foundations | 55% | 75% | 100% |
| Article45 Par.d | Cooperatives and their associations | 100% | 100% | 100% |
| Article45 Par.e | Civil law societies, profit or non-profit civil companies, participating enterprises or dormant partnerships if they carry out business or profession | 55% | 75% | 100% |
| Article45 Par.f | Joint Ventures of partnerships | 55% | 75% | 100% |
| Article45 Par.g | Financial entities defined in article 2 of the Corporate Income Tax Code and are not included in one of the cases above | 100% | 100% | 100% |
For the fiscal year 2014 new settlements will be issued which will include the new in advance tax amounts.
NOTE: This article does not cover advisory, but only informational purposes, and cannot serve, as a basis for further actions, on the part of the reader. Reception of specialized advice is required.
Our company does not hold any responsibility for any actions, taken by the readers, based on the present article.