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.

Changes to data relating to extra time legal overtime which has been submitted to the ERGANI information system using form E8 can be made via a new submission before the change comes into force.

Up until 31/8/2018, form E8 may be submitted in its old form (notification of overtime work undertaken) for overtime work to be completed during July and August 2018 (adjustment period).

However, from 1/9/2018, contractors will be required to submit the new E8 form for the notification of extra hours and/or legal overtime for workers, as provided for in this decision.

We would also like to inform you that when submitting the E3 and E4 forms it is obligatory to include (in the relevant field) the professional activity license number for specialties relating to:

• maintenance, repair and operation of electrical installations
• handling machinery for technical works
• execution, maintenance, repair and supervision of the operation of mechanical installations in industrial and other units
• handling and monitoring of steam boilers and
• execution of technical work and provision of technical services for electric welding and torch welding.

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.

We would like to inform you herewith that with the release on 22.12.2016 of Law 4446/2016 (Government's Gazette Α240), the way of calculating the value of the vehicle's concession to an employee or partner or shareholder from a natural or legal person or legal entity has changed.

This change applies from 01.01.2016 and onwards, which means that the implementation of Law 4389/2016, Paragraph 1 of Article 44 is hereby revoked, this law, by the way, did not have sufficient time to be implemented.

The new Law 4446/22.12.2016 in Article 99 mentions :

"The value of the concession of a vehicle to an employee or partner or shareholder from a natural or legal person or legal entity, for any time period within the tax year, is calculated as percentage of the Retail Price Before Taxes of the vehicle as follows :

a) for a Retail Price Before Taxes from 0 to 12.000 Euro, as a percentage of 4% of the Retail Price Before Taxes as additional yearly income,

b) for a Retail Price Before Taxes from 12.001 to 17.000 Euro, as a percentage of 7% of the Retail Price Before Taxes as additional yearly income,

c) for a Retail Price Before Taxes from 17.001 to 20.000 Euro, as a percentage of 14% of the Retail Price Before Taxes as additional yearly income,

d) for a Retail Price Before Taxes from 20.001 to 25.000 Euro, as a percentage of 18% of the Retail Price Before Taxes as additional yearly income,

e) for a Retail Price Before Taxes from 25.001 Euro and onwards, as a percentage of 22% of the Retail Price Before Taxes as additional yearly income, regardless of the vehicle belongs to the company or it is by any means leased to the aforementioned persons. The aforementioned percentage of each vehicle is not divided to more than one persons.

The value of the vehicle's concession is reduced based on its years of age as follows :

i) for 0-2 years, no reduction

ii) for 3-5 years, reduction of 10%

iii) for 6-9 years, reduction of 25%

iv) from 10 years and onwards, reduction of 50%

From the provisions of the present legislation, there is an exception concerning the vehicles which are exclusively conceded for professional scope and have a Retail Price Before Taxes up to 12.000 Euro.

We shall inform you accordingly about any new clarifications which shall be given by the Ministry of Finance.

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.

According to the Law 4446 / 22.12.2016, there shall be transactions via electronic means of payment applicable from 01.01.2017 and onwards which shall be tax deductible

Payroll payment via electronic means

From 2016  December 22nd and onwards, any employer paying remuneration fee amounts in cash, looses the deduction right from the taxable income and therefore faces the risk with an additional taxation. More specifically, from this specific date and onwards, personnel payroll expenses, fees for those working on services rendering status, as well as fees of directors or members of the Board of Directors, such as lawyers' standard fees (which are included as an example in the expenses performed within the framework of the employment relationship), are deductible from the companies' gross income, provided that their partial or whole repayment has been realized by using electronic means of payment or through payment services. In case those expenses are paid via cash, they are no longer deductible (Article 72, Paragraph id).

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.

It has been voted from the Greek Parliament, that the reduced VAT rates will continue to apply for one more year (until 31.12.2017) to the islands of the prefecture  Lesbos, Chios, Samos, Evros and Dodecanese except the islands Rhodes and Karpathos.

More specifically, the reduced VAT rates(standard rate 17%, reduced rate 9% and highly reduced rate 4%), shall continue to apply until the 31.12.2017, to  the following islands: 

a) the islands of prefectures Lesbos: Lesbos, Limnos and St. Efstratios,

b) the islands of prefectures Chios: Chios, Oinousses, Psara, Antipsara,

c) the islands of prefectures Samos: Samos, Ikaria, Fournoi, St.Minas, Thimaina,

d) the island of prefecture Evros: Samothraki,

e) the islands of prefecture Dodecanisou : Kos, Patmos, Astipalaia, Kalymnos, Kasos, Leros, Nisiros, Simi, Tilos, Kastelorizo and also smaller islands Agathonisi, Alimia, Arkoi, Armathia, Chalki, Farmakonisi, Giali, Kinaros, Levitha, Leipsi, Marathos, Nimow, Pserimos, Saria, Stroggyli, Sirna and Telendos.

To all the other islands, the rates which will apply from 01.01.2017 are going to be the same as in the rest of the country, that means the standard VAT rate is 24%, the reduced rate 13% and the highly reduced rate 6%.

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.