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Archive for Chris Damianou

Greece Offers 50% Reduction In Income Tax Rates

Greece Offers 50% Reduction In Income Taxes

It is widely known that brain drain is the worst threat to a country’s prosperity. The Greek government announced legislative initiative to reverse this phenomenon, to attract foreign investment and to invite foreign nationals to settle and work in Greece. The legislative initiatives also provide for a 50% reduction in income tax for the next 7 years, either if the job is transferred to Greece or if the interested individuals settle as self-employed or even as employees in another professional employment in Greece.

It is well known that financial motivation alone is never enough to decide upon one’s return to a country or even to move to another employer.  The excellent lifestyle, the mild climate along with the working conditions (since white collar personnel can work remotely) play a vital role in such decision making. Moreover, with the crisis now behind Greece and the long-term prospects in front of the country accompanied with political stability, will eventually result in an effective state and an economy that can offer more employment opportunities. Greece is one of the safest countries in the world for the expatriate and his family.

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EU Tax News: Recent Tax Developments In Europe

Recent Tax Developments in Europe

Despite COVID-19, the international tax environment continues to transform.

Has your organization updated its method of operation to comply with the new requirements?

The EU Anti-Tax Avoidance Directive (“ATAD”) contains five legally binding anti-abuse measures implemented by most Member States against common forms of aggressive tax planning. Member States that have applied such measures shall provide a minimum level of protection against corporate tax avoidance throughout the EU, whilst at the same time ensuring a fairer and more stable environment for businesses.

1.Interest limitation

In order to discourage the artificial shifting of debt arrangements designed to minimize taxes. “ATAD” requires member states to implement measures limiting the tax deductibility of interest on debt, using a fixed percentage.

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