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Greece V.A.T. IncreaseJanuary 2011 Starting January 1, 2011 the reduced Greek V.A.T. rate increased by two per cent to 13%,replacing the previous 11% rate. The super reduced V.A.T. rate increased by one per cent, from the previous 5.5% rate to 6.5%. Greece Switzerland Revised DTANovember 2010 Greece and Switzerland signed on November 4, 2010 a revised double tax agreement, DTA, in the area of taxes on income and capital. The tax treaty contains provisions on exchange of information in accordance with the OECD model. The new protocol specifies exemption from tax withholding for payments of dividends to benefit schemes and public bodies .The tax withholding rate for payments of interest is reduced from 10% to 7%. The agreement has to be ratified by both sides and applicable from January 1st of the calendar year following the ratification. Source : www.efd.admin.ch Greece Second V.A.T. IncreaseAugust 2010 Greece increased on July 1, 2010 its V.A.T. rates. The new standard V.A.T. rate is 23% compared to the previous 21% rate.The new reduced V.A.T. rates are 11% and 5.5%, compared to the previous 10% and 5%. The July increase follows a previous V.A.T rate increase on March 15, 2010. Greece to Increase TaxesMay 2010 Greece will increase taxes and adopt other cuts in return for the EUR 110bn bail-out package. VAT rate will increase from the current 21% rate to 23%. In addition Greece will increase by 10% excise on alcohol, tobacco and fuel. EUE 80bn of the bail-out would be provided by the EU, while the rest would be provided by the IMF. Greece Credit Rating DowngradedApril 2010 Standard and Poor's, one of the major global credit rating agencies, downgraded on April 27, 2010 Greece's credit rating from the previous BBB+ to BB+. The downgrade presents increasing concern about the high level og Greece's debts and may result in significant losses for investors in Greek government bonds. New Tax on High Income Taxpayers in GreeceMarch 2009 The Greek finance minister Yannis Papathanassiou presented on March 18, 2009 a new nine step plan aimed to boost growth, promote stability of public finances and support the income of weak social groups. According to the new measures rich taxpayers will pay an additional tax levy according to their declared 2007 income. The levy will be EUR 1,000 for income of EUR 60,000- EUR 80,000, EUR 2,000 for income of EUR 80,000- EUR 100,000, EUR 3,00 for income of EUR 100,000-EUR 150,000 and EUR 5,000 for income above EUR 150,000. Greece 2009 new tax ratesSeptember 2008 According to a bill released by the Greek Finance Ministry some significant changes are expected from 2009 for legal entities and individuals. The corporate income tax rate, currently 25%, is expected to be reduced by 1% each year in the years 2010-2014. down to 20% in 2014. Dividends paid by Greek companies, including payments to non-residents, will be subject to 10% tax withholding. For individuals, self employed will have to pay 10% tax on the first EUR 19,500 income which is currently tax exempt. The tax rate for the middle tax bracket would go down in the years 2010-2014, from 25% to 20%. The finance ministry is also considering a 10% capital gain tax on sale of listed shares. Currently such gains are subject only to a flat 0.15% transaction tax. Greece 2008 Tax RatesJune 2008 There are no significant changes in the Greek 2008 tax rates, compared to 2007. For individuals, the 27% and 37% tax rates replace the 2007 rates of 29% and 39%. From March 2008 the custom authorities no longer issue receipts for cash brought at the entry point to Greece. Investors are advised to use bank transfers. Greece Income TaxJanuary 2007 From 1.1.2007 Greece's new corporate tax rate is 25% (previous rate-29%). Individual income tax rates for 2007 are progressive, 15%, 29%, 39% and 40% fore income over EUR 75,001. Greece Income TaxJanuary 2006 From 1.1.2006 the new corporate tax in Greece is 29% (previous rate-32%). Greece V.A.TApril 2005 From 1.4.2005 the new standard v.a.t. rate in Greece is 19% (previous rate - 18%). There are reduced v.a.t. rates of 9% and 4.5%.(previous rates - 8% and 4%). Greece Income TaxAugust 2004 Greece's finance minister announced that Greece's corporate income tax rate will be reduced to 25% within the next 3 years. |
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