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Cyprus to be spared the 26% tax

24/04/2015 11:01
The preemptive tax of 26% that Greece plans to impose on transactions from selected countries in an effort to clamp down on tax evasion appears to be effectively withdrawn.

The ministerial plan of Greek deputy finance minister, Nandia Valavani provides effectively for the withdrawal of the 26% tax on transactions with countries that have preferential tax regime for the vast majority of businesses. The plan is for public consultation.

The Greek companies importing from countries with a favourable tax regime, such as Cyprus and Bulgaria, will be exempted from the 26% tax on the value of transactions, as long as within ten days after the transaction is completed, they submit in a special electronic application to be created by the ministry, a statement with which they will disclose that the transaction is real and not triangular in order for the taxpayer not to be liable to the tax.