Greece replaces stamp duty with new digital transaction fees for 600 transactions

The Greek Ministry of Finance has submitted a bill to parliament to abolish the stamp tax for 600 transactions and replace it with a fee for digital transactions, where it is still required.

The Minister of National Economy and Finance, Kostis Hatzidakis, stated that the new draft law on the digital transaction fee is another step towards modernizing the tax legislation of the province by simplifying and digitalizing the process.

The minister further stressed that the initiative will benefit taxpayers as it promotes regulations that benefit society, such as tax deductions for donations to the state and the exemption of agricultural fuels from the Special Consumption Tax (SCT).

In addition, the newly developed electronic tools will facilitate the audit work of the Independent Public Revenue Authority (AADE) to combat tax evasion.

The new regulations on stamp duty include the abolition of stamp duty on transactions such as loan agreements, insurance transactions, the establishment and capital increase of non-profit organizations, bank letters of credit for importers and contractual interest on loans and credits.

Also, over 100 transactions involving stamp duty on the costs of marriage licenses and professional licenses will be abolished.

Furthermore, in more than 500 transactions, a transfer tax of 2.4% or 3.6% was levied on fees related to public law legal entities or the state.

The new Digital Transaction Fee will be introduced and applied to transactions specified by law, regardless of where they take place, as long as at least one party has a tax residence or a permanent establishment in Greece. No exemptions apply and these transactions are not subject to other indirect taxes.

The transaction fees for transactions between individuals will be certified after an electronic declaration has been filed via a new digital platform launched by AADE. The declaration and payment of the fee must be made no later than the end of the month following the transaction.

Source: tovima.com