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Stock Market Taxation
Athens, Greece

A. Private Investors

Bonds

All bonds and Treasury bills issued by the government or by public organisations are subject to a tax of 10 %.

The tax on government bonds is withheld upon expiry of the coupons or upon expiry of the bonds themselves, in zero coupon bonds.

The tax on T-bills is paid up in advance upon purchase of the issue. When the issue is tacitly renewed, tax is paid upon expiry.

Bonds issued by banks or insurance companies are subject to a tax rate of 10%, regardless of whether they are listed or not on the A.S.E. The tax rate withheld on the interest of all other corporate bonds is 20% for private investors and 40% for legal entities.

Shares

Dividends from listed shares are taxed at a flat rate of 24% withheld at source. Investors are therefore exempted from any tax obligation.

Capital gains are not taxable in Greece.

Inheritance tax is imposed on assets, the ownership of which arises from death, donation or dowry of the previous owner. Movable assets, such as shares are also subject to this tax.

The tax due can be determined either by the average value of the transactions realised in the past six months before the owner's death or, if none, by the shares book value.

The tax authorities in Greece reserve the right to alter the appraised value of the security, taking into account the financial results, the name and the market position of the company, as well as the size of the holding.

A tax of 0.2% is imposed on all sale transactions. Dividends from bearer shares of companies not listed on the A.S.E are taxed at a rate of 25%.

B. Portfolio Imvestment Companies,
Mutual Funds

New tax regulation stipulates that capital gains and profits are taxed at a rate of 0.3% estimated on the average net total Assets of those companies.

C. Foreign Investors

Although foreign investors do not declare income from securities in Greece, they can reclaim the tax withheld on such securities.

The issuer certifies the amount of tax withheld and the investor includes this certificate in her/his annual income statement in her/his country of residence.

Foreign investors are free to import capital for investment in securities and to re-export any capital gains, dividends and interest.

Furthermore, Greece has certified conventions with many countries for the avoidance of double taxation.

Under these agreements direct tax is applied, in accordance with the tax system of the country whereby the investment was generated.

   

   
 
 
 
 
 

 

 
 
 
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