Greece Adopts EU Information Exchange Law
The Greek parliament has adopted a new law transposing an amendment to the European Union administrative cooperation directive to provide for the exchange of advanced tax rulings between member states.
The new law, passed by parliament earlier this month, adopts EU Directive 2015/2376/EU of December 8, 2015, which amends Directive 2011/16/EU on the mandatory automatic exchange of information in the field of taxation. The amendment is intended to increase transparency surrounding tax rulings in the EU.
The Directive will require member states to exchange information automatically on advance cross-border tax rulings, as well as on advance pricing arrangements.
Member states were required to transpose the amendment into national law by the end of 2016. Therefore, the new law has retroactive effect in Greece from January 1, 2017.
