Trying to hit the tax evasion, Greece has incorporated in 2016 two important “Instruments”.

With Law 4378, the European Council Directive 2014 / 107 / EU has been incorporated into the domestic legislation, while the Multilateral Competent Authority Agreement on the automatic exchange of Financial Account Information of OECD, have been incorporated into the domestic legislation with Law 4428.

Further, the Common Reporting Standard of OECD is introduced.

These Standards are also mentioned in the aforementioned Directive, so that uniform rules will apply both between the EU – Member States as well as between the Member Countries of OECD.

Greece belongs to the first 53 countries which will implement the first automatic exchange of information in 2017 concerning income received in the year 2016, while 101 countries in total have been committed to implement the Common Reporting Standards. 31 countries will join the first group in the year 2018.

The remaining 17 countries have not signed yet the aforementioned Agreement although they have committed to do so in a later stage.

The Law 4428 / 2016 is effective as of 01.01.2016 and the automatic exchange of information shall take place up to 30.09.2017. 

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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