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The Exchange of Tax Information Portal is an initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum conducts peer reviews of its member jurisdictions' ability to co-operate with other tax administrations in accordance with the internationally agreed standard. The standard provides for exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic tax laws of the requesting jurisdiction. Effective exchange of information requires that jurisdictions ensure information is available, that it can be obtained by the tax authorities and that there are mechanisms in place allowing for the exchange of that information. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2). The EOI Portal will track the development of these peer reviews, including changes that jurisdictions make in response to the Global Forum's recommendations.

Peer Review: Combined Phase 1 + 2 Peer Review - Greece

This report for Greece has been published on 20 Jun 2012. You can buy this report, or browse it online below.

Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.


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Determinations and Recommendations

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   There are many instances where the holders of bearer shares in societies anonymes and shipping companies must be identified, including all cases where such shares are transferred, though these do not ensure the availability of information on the identity of persons holding bearer shares in every circumstance.   Greece should take necessary measures to ensure that robust mechanisms are in place to identify the owners of bearer shares. 
Foreign companies having their place of effective management in Greece are not obliged to maintain ownership information in all circumstances.  Greece should require foreign companies having their place of effective management in Greece to maintain information on their ownership. 
There are no penalties on shipping companies for not keeping a book of shares..  In so far as there are no penalties provided, Greece should introduce effective sanctions for entities where they fail to comply with requirements to maintain and ownership and information. 
Greek trustees of foreign trusts are not required to identify beneficiaries who have less than 25% interest in the trust.  Greece should ensure that information is available to their competent authority that identifies the settlor and all beneficiaries of foreign trusts administered in Greece. 
Phase 2 Rating Factors Recommendations
Partially Compliant.     
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is in place.   Greek legislation does not ensure that reliable accounting records or underlying documentation are kept in all circumstances for foreign trusts with Greek-resident administrators or trustees.  An obligation should be established to maintain reliable accounting records, including underlying documentation for trusts with Greek-resident administrators or trustees in all circumstances. 
Phase 2 Rating Factors Recommendations
Compliant.     
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place.   The ratification of EOI arrangements can take several years and is delayed in some occasions.  Greece should continue its efforts to ensure the ratification of all EOI arrangements signed with counterparts expeditiously. 
Phase 2 Rating Factors Recommendations
Largely Compliant.     
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place.     Greece should continue to develop its exchange of information network with all relevant partners. 
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
Determination Factors Recommendations
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.      
Phase 2 Rating Factors Recommendations
Largely Compliant.  Greece’s competent authority has in many instances been unable to answer incoming requests or provide updates on the status of requests within 90 days.  It is recommended that Greek competent authority ensure consistent application of its new procedure for checking on the status of requests, checking with authorities collecting the information and sending updates to its counterparts.