According to article 8 of Law 4172/2013 it is defined that the tax year coincides with the calendar year, ending on 31.12. of each year.  

An exception of this rule make the legal persons having a double-entry bookkeeping, which, if wished, can define as the end of each financial period the 30.06. of each year.  

In case that the company's shares (either of a Societe Anonyme or of a Limited Liability Company) of a domestic legal person belong to a foreign legal person at a percentage of over 50%, then, those domestic legal persons, if wished, define as their tax year, the tax year of the foreign legal person, more specifically, 30.09. or 31.03. or 28.10. or at any other date the foreign legal person might have as closing date of its financial period.  

Within the scope of the aforementioned changes, at the same time the abolishment of financial periods with a duration of over 12 months took place. Each financial period must now have a maximum duration of 12 months.  

Financial periods with a duration of under 12 months are not permitted, mainly at the beginning of an entity's commencement of business.  

The aforementioned rules apply also in the case of the participation of a foreign legal person with a percentage of over 50% in the domestic entity's capital.  

Personal undertakings (natural persons who carry out a business activity), having a double-entry bookkeeping, are obliged to have a tax year with closing date on 31.12. of each year.  

In the case of change of the tax year, there is a relevant declaration to be submitted to the competent tax authority within 10 days.  

In order for a domestic legal person to be able to proceed with the change of tax year, this legal person must have already submitted the income tax return of the previous tax year to the competent tax authority.  

A branch office of a foreign legal entity can define the tax year of the Head Quarters abroad as its tax year.

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.

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