Deadline for transfer of offshore company realty extended to Sept. 30

The Finance Ministry has granted a deadline extension to the end of September for offshore companies to transfer real-estate properties in Greece on favorable tax terms to others with registered shares. The measure, designed to fight tax evasion, applies to offshore companies whose revenues from the properties exceed 50 percent of their total. They will be allowed to pay half of the applicable property transfer tax. Those that do not avail themselves of the favorable terms will have to declare their properties by October 20 and will be subject to an annual tax equivalent to 3 percent of the value of the properties. The law grants certain exemptions, notably the offshore subsidiaries of listed and shipping companies, public enterprises and organizations, commercial, manufacturing and service firms.