Category: Greece

US citizens in Greece and US taxes: A word to the wise, and a seminar

It is estimated that there are at least 100,000 Greeks with American citizenship living in Greece. In addition, thousands of US citizens live and work in Greece, either on a short-term or permanent basis. According to US law, all of these citizens, with very few exceptions, are required to file… – Continue reading

Curbing illicit financial flows in Africa is imperative

A recent report detailing how Africa lost $US1-trillion in the last 50 years through illicit financial flows of money has raised questions about it’s abilities to curb fraud evasion and other means of corporate profit hiding. It has also sparked interest in holding multinational corporates, which are mainly responsible for… – Continue reading

IRS Voluntary Disclosure Regime Expands Maximum Penalty Bracket

The IRS recently announced an expansion of the list of banks and advisors that trigger the highest penalty bracket within its Offshore Voluntary Disclosure Program. The addition of Sovereign Management & Legal, Ltd. and Bank Leumi to the increased penalty list will have repercussions in Asia, Israel and the United… – Continue reading

January Global Tax-News Update

This edition of the Tax-News monthly feature takes in noteworthy events in the international tax arena, including attempts to inject new life into the campaign for comprehensive tax reform in the United States, and developments in the areas of free trade, indirect taxation, BEPS and tax transparency and compliance. US… – Continue reading

Greece’s new anti-corruption minister battles tax evasion scourge

(ATHENS) – Greece’s new anti-corruption tsar Panagiotis Nikoloudis has been tasked with recovering 2.5 billion euros ($2.8 billion) for the debt-strapped government’s coffers through a ruthless crackdown on tax evasion. The former Supreme Court deputy prosecutor and Greece’s first ever anti-corruption minister told AFP he was itching to tackle the… – Continue reading

Putin welcomes billionaires back to Russia – but will they come?

President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading

TAX EVASION AND REFORMS IN GREECE – ANALYSIS

Greece is currently implementing a fiscal adjustment programme aimed at tackling tax evasion. This column discusses the impact of recent tax administration reforms on tax compliance in Greece. The intensification of audits, enforcement of penalties, and efficient collection of past debts can induce tax compliance and raise the collected revenue…. – Continue reading

A whistleblower who has helped Europeans recover billions in taxes

Even though it was the French tax office that handed over encrypted information to AFIP head Ricardo Echegaray, the source of the revelations was former HSBC employee and whistleblower Hervé Falciani, a man responsible for giving the details of up to 130,000 Swiss bank accounts he suspected were linked with… – Continue reading

Over 23,000 Offshore Companies With Profitable Activity in Greece

More than 23,000 foreign and offshore companies have developed profitable activity in Greece over the last thirty years. Data released by the Greek newspaper “TA NEA” show that most foreign and offshore companies acquired a Greek taxpayer identification number (TIM) and legal representatives in Greece between the 1980s and 2011…. – Continue reading

Greek Ministry of Finance issues templates and guidelines for advance pricing agreement negotiations

ITR Correspondent In an effort to provide taxpayers with an integrated procedural framework for the negotiation of advance pricing agreements (APAs), the Greek Ministry of Finance recently released template application forms for both preliminary consultations and formal negotiations, as well as additional guidelines on the overall APA procedure. The forms… – Continue reading

Corporation tax: Rate cut likely as Prime Minister David Cameron set to let Northern Ireland go it alone

Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading

CALL CLIENTS WHO OWN GREEK BONDS

If you have clients who own Greek bonds (government or corporate), they may have immediate tax-filing concerns. A PwC notice explains that investors not resident in Greece who realized gains between February 29, 2012 and December 31, 2013 owe the Greek government 20% in taxes. It’s due June 25, and… – Continue reading

Greece Targeting Tax Dodgers Seeks U.K. Model From Swiss

Greece’s chronic difficulties with tax evasion was a topic of discussion today when Finance Minister Yannis Stournaras met his Swiss counterpart Eveline Widmer-Schlumpf in Athens. “We reiterated that we want the British model” for Greece, Stournaras said after the meeting, referring to a 2011 withholding tax agreement between Switzerland and… – Continue reading