[MGSA-L] Greek Income Tax Update - Part I

June Samaras june.samaras at gmail.com
Thu Jun 5 19:51:37 PDT 2014


This might be of general interest

June S



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From: Arsinoi D. Lainioti <Arsinoi_D._Lainioti at mail.vresp.com>
Date: Wed, Jun 4, 2014 at 5:34 PM



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     Good Morning and Kalimera!

Welcome to *Part I of our Greek Income Tax Update Newsletter*. *ADL Law
Offices*
<http://cts.vresp.com/c/?0813175BCLtd./1500f83209/29e4f75029/484065937e/0813175BCLtd./bf461de906/3190432989/1766bcbd7a>
is pleased to offer this information for all Hellenes and Philhellenes who
live outside of Greece and are looking for up-to-date information on Greek
laws and administration. Feel free to share this newsletter with friends,
family and associates who may be in need of this valuable information.

Please note, however, that this newsletter presents general information and
is not intended as legal advice nor should you consider it as such. You
should not act upon this information without seeking professional counsel
with respect to your particular situation.

If you do not wish to receive this information, please click *Unsubscribe*
at the bottom of the newsletter for immediate removal.

This summer ADL will be visiting Sydney, Australia from July 3rd to July
14th and will be available for telephone/skype and in person consults only
if they are booked in advance. Email ADL to discuss:
arsinoi at lainioti-lawoffices.com.

Best wishes and have a wonderful week,

Arsinoi D. Lainioti

------------------------------


*2014 INCOME TAX UPDATE: NEW TAX DECLARATION REQUIREMENTS*

The Greek government will be implementing the new tax legislation beginning
this 2014 tax season which ends on June 30th, 2014. This means that many
persons who reside abroad will be required to submit tax declarations for
the first time since the obligation to file is no longer contingent upon
receiving income in Greece.

This year, all foreign residents who own a life estate (επικαρπία) or full
title (πλήρη κυριότητα) interest in real property located in Greece are
required to file an income tax declaration. Similarly, all foreign
residents who own a vehicle in Greece will be required to file income tax
declarations this year. Clearly, foreign residents who earn income in
Greece will also continue to be subject to income tax declaration
requirements.

The new tax measures also require all foreign residents who earn income in
Greece and/or own real property/a vehicle in Greece to appoint a Tax
Representative. All correspondence from the Greek Tax Authorities will be
sent to the Tax Representative, however, he/she must be authorized by the
taxpayer in order to access the taxpayer’s records and submit documents on
behalf of the taxpayer.

A taxpayer who is a *foreign resident (irrespective of his/her nationality)
and does not earn income in Greece *will not be subject to imputed income
based on his/her property holdings nor will the taxpayer be subject to tax
liability based on his/her worldwide income.

*TAX RESIDENCE CERTIFICATE*

It may be to the benefit of persons who own property and/or earn income in
Greece to verify their Foreign Tax Residence Status with the Greek
Authorities since this is required in order for residents abroad to benefit
from Bilateral Avoidance of Double Taxation Treaties and to avoid being
taxed by the Greek Authorities as a resident of Greece which entails, inter
alia, taxation on worldwide income.

Most foreign resident taxpayers are required to complete and submit a
specific tax form in order to benefit from Avoidance of Double Taxation
Treaties. This form is located on the Greek Ministry of Finance website (in
English) as follows:
http://www.gsis.gr/gsis/export/sites/default/gsis_site/Services/Polites/documents_e_entipa_2/Claim_double_taxation.pdf
<http://cts.vresp.com/c/?0813175BCLtd./1500f83209/29e4f75029/3a29be8786>.

Permanent residents of the United States (for Tax Purposes) must apply to
the IRS, using Application No. 8802, in order to obtain “6166
Certification”. The 6166 Certificate must be submitted to the Greek Tax
Authorities by June 30th, 2014; Apostille Authentication is not required,
however, Greek translations may be required by some Greek Tax Offices.
*******
*Next Week's Newsletter: Taxation of Pension & Rental Income, Electronic
Submission Requirements*

*Our firm handles Greek citizenship procedures, including name changes,
pursuant to specifically drafted limited Powers of Attorney. It is
therefore not necessary for our clients to travel to Greece in order to
accomplish the above indicated.*

       *Law Offices of Arsinoi D. Lainioti*
Vryoulon 1, Ano Pefki 15121
Athens GR
p 30.693.702.8630
arsinoi at lainioti-lawoffices.com

www.lainioti-lawoffices.com
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*Lingos Law, LLC*
77 Franklin Street, 3rd Floor
Boston, MA 02110
p 617.695.0009
f  617.849.5695
info at lingoslaw.com

www.lingoslaw.com
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