The Greek Parliament approved yesterday night a Law establishing a Voluntary Disclosure Program.
The Law will be effective as from the date of publication in the official Gazette until the 31st of May of 2017.
Taxpayers that have not filed tax returns or have filed insufficient or inaccurate tax returns, may submit initial or amending, debit or zero tax returns.
The deadline for the filing of the initial tax return to be filed or amended had to be expired by the 30th of September 2016.
The additional tax that may be due, filed until the 31st of March 2017, is set at eight per cent (8%) of the main tax, and if filed until the 31st of May 2017, ten per cent (10%).
It is important to note that the abovementioned additional tax assessed is further readjusted on the basis of the year within which the deadline for filing the initial tax return has lapsed.
Special rules and additional taxes apply to taxpayers for which an Auditmandate or an invitation to provide information have been or will be issued by May 31st of 2017.
One of the main benefits of the Law is the avoidance of Criminal Sanctionsarising from the undeclared assets and correspondent taxes.
The repatriation of the assets abroad is not a requisited to join the Voluntary Disclosure Programme.
Payment of the additional taxes might be done in Installments under a debt settlement program (12 and up to 24 months depending on the type of the tax declared).
The Law provides a description of persons that cannot benefit from the voluntary Disclosure program, namely ministers, members of the Parliament, and some of their relatives.
Due to the complexity of the legal and tax analysis necessary to declare under this program (including source of funds scenarios), a tailor-made, full legal andtax assessment is strongly advised.
Along with our Partner in Athens, the Law Firm Dryllerakis & Associates, we can assist you with the analysis and filing under in this Voluntary Disclosure Program, from the beginning to a satisfactory end.
Please feel free to contact us at email@example.com
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