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.  

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The corporate income tax rate on the profits of a business year increased from 2015 onwards to 29% from 26% (Par. 4, Article 1 of Law 4334/2015). This concerns the profit of legal persons (SA, Ltd).

Also the corporate income tax payable in advance for the following financial year rose to 100% of the tax payable on the profits of each financial year instead of 80% which applied until recently.

Indeed, the increase shall apply to the results of the financial statements for the year 2014. The retroactive charges are expected in the next period of time through the local tax offices (case a, paragraph. 5, article 1 of Law. 4334/2015).

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.

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.

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With the recent changes in the tax law, also the rules concerning the statutory audits of the companies' financial statements have changed. The new rules apply to the audits of the financial years commencing from 01.01.2016 and onwards.

More specifically:

• Subject to the statutory audit are the financial statements of companies limited by shares, limited liability companies, limited partnerships with share capital, general partnerships and limited partnerships of which all direct or indirect partners have limited liability, since they are either legal persons or have another legal form that is comparable with the legal persons mentioned above, and of the private capital companies, when according to the below mentioned criteria they are classified as medium and large entities.

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