Tax Updates: December 10th 2024

Consistent with our commitment to provide updated information on current tax issues, we set down below a brief overview of the most important tax provisions of the new law 5162/2024.

In this edition (Download PDF)

• Tax provisions concerning individuals
  • Abolition of the entrepreneurship duty for individuals (with effect from tax year 2024)
  • New exemptions from employment income - amendment of article 14 of the Income Tax Code (ITC) (with effect from tax year 2024)
  • Tax exemption of income of individuals from long-term leasing of real estate - amendment of article 72 ITC
• Tax incentives for development and innovation
  • Extension of tax incentives for scientific and technological research (R&D) - amendment of article 22A ITC (with effect from tax year 2025)
  • Extension of tax incentives for angel investors - amendment of article 70A ITC
  • Extension of tax incentives for patent exploitation - amendment of article 71A ITC (with effect from tax year 2025)
• Other tax provisions
  • Submission of income tax returns - amendment of articles 67 and 68 ITC (applicable to income tax returns for the tax year 2024 and onwards)
  • Extension of the suspension of VAT on new building
  • Extension of the suspension of capital gains tax on the transfer of immovable property
  • Conditions for the contribution of securities by individuals - amendment of article 42 par.4 ITC
  • Tax exemption of intra-group dividends and capital gains derived from shares of non-EU legal entities (with effect from tax year 2025)
  • Tax exemption of the benefit from debt write-offs – amendment of article 21 par.6 ITC (for taxes that have to be paid as of 1 January 2024 and onwards)
  • New tax framework for Closed Ended Funds (with effect from tax year 2025)
  • Date of abolition of stamp duty
  • Entry into force
• Tax incentives for corporate transformations
  • Scope of application
  • Valuation of assets and shares
  • Taxation of capital gains
  • Transfer of losses, depreciation, tax reserves, provisions
  • Other exemptions
  • Simplification of real estate transfer procedures
  • Anti-abusive Rule
  • Contribution of Personal Businesses or Joint Ventures
  • Cross-border transformations
  • Entry into force of the tax incentives for corporate transformations