The Greek Parliament has adopted the amendment of the provisions of the Income Tax Code, more specifically, case m of Article 23, Law 4172 / 2013, which concerns the non-deductible business expenses from the taxable results of each financial year.

Upon this article amendment, there are certain limitations set concerning the purchases of goods and services from non-cooperating states or those having a privileged tax regime, as defined in Article 65 of the Income Tax Code (hereto see relevant attached table of states).

Article 23 of Law 4172/2013 mentions, as already aforesaid, the non-deductible business expenses. The amended case m (ic in Greek numbering methodology) of Article 23 mentions the following:

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According to the provisions of articles 12 and 13 of Law 4172/2013 and the clarifying Ministerial Decision of the Ministry of Finance No.1219/06.10.2014, the following applies:

►  Any benefits in kind granted to an employee or an employee's relative, are calculated in the employee's taxable income, in the benefits' market value, provided that the total value of the benefits in kind exceeds the amount of € 300,00 per fiscal year. The market value is considered to be the cost of the benefit which burdens the employer.

It is hereby pointed out that the benefits in kind which are granted to third persons who are not in any kind of employment relationship related to the company granting those benefits, are not considered as income.

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According to article 42, paragraph 4 of Law 4174/2013, the provisions regarding the time of limitation of a tax payer's (legal or natural person) right to claim for the reimbursement of the input - VAT amount have changed.

More specifically, as of 01.01.2014 the period of 3 years for the limitation of the aforementioned input - VAT reimbursement claim against the Greek Fiscal Authorities, becomes a limitation time of 5 years.

Kindly note herewith, that with regards to the input - VAT reimbursement applications referring to the financial years until 31.12.2013, the limitation time of 3 years concerning the claim against the Fiscal Authorities still applies. 

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.

From the 01.01.2015, the provisions of the Law 4308 / 11.24.14 (Governments Gazette 251) will apply, in which the new Greek Bookkeeping Principles have been voted.

With this Law, all existing provisions have been repealed, without any adjustment period.

The financial statements which have been prepared according to the new Law, are similar to the current ones in Central Europe and take into account the International Financial Reporting Standards as adopted by the European Union under Regulation 1606/2002.

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