GreeceAccounting and Audit
A new tax law, Law 2386/96 was published in the Government Gazette on 7 March 1996.
It contains amendments concerning income tax, tax audits, tax evasion, VAT, capital taxation, excise duties on tobacco products, alcohol and mineral oil, as well as certain amendments to the legislation relating to company mergers.
The purpose of this newsletter is to highlight the most important amendments introduced by the law.
INCOME TAX
Taxation of profits on sale of interests in a partnership, a business as a whole or other business rights
The tax on the gain arising from the transfer of an interest in a business or of an entire business including its intangible assets such as goodwill, trademarks, privileges etc. or of any business rights (e.g. patent licence etc.), is no longer withheld and subsequently paid by the purchaser to the tax authorities but it is paid directly by the seller by filing the respective tax return with the competent tax office before the transfer takes
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