Greece: Updated procedure for advance pricing agreements

Procedure for issuance of advance pricing agreements under Article 22 of Tax Procedure Code

Procedure for issuance of APAs under Article 22 of Tax Procedure Code

Article Posted date 05 September 2023

Decision A.1107/2023 of the Independent Authority for Public Revenues (AADE) replaced the previous circular POL.1284/2013 concerning the procedure for the issuance of advance pricing agreements (APAs) under Article 22 of the Tax Procedure Code—effective 28 July 2023.

The decision does not introduce any significant amendments to the procedure for the issuance of APAs, but does include modifications to some timelines for the procedure and incorporates the new developments introduced by law in 2020 regarding the possibility for APAs to have retroactive effect.

In particular, by virtue of the decision:

  • The time limit to submit an application for the issuance of an APA within 30 days from the preliminary negotiation meeting (in case preliminary negotiation takes place) no longer applies.
  • A specific time limit of two months is set within which the person applying for the APA must submit to the competent authority any additional information requested during the assessment of the application (instead of the prior “reasonable” time limit).
  • The competent authority must issue its decision on the application for the issuance of an APA within 30 (instead of the prior 20) days from the final meeting with the applicant.
  • The applicant must submit an annual report of compliance with the terms of the APA for the respective tax year within 90 days from the deadline for filing tax returns for that tax year (instead of the prior “by the end of the deadline for filing tax returns for that tax year”).
  • If the APA has retroactive effect, the applicant must submit the relevant compliance report for each prior tax year covered by the APA within 90 days from the notification of the issuance of the APA.

Read a September 2023 report prepared by the KPMG member firm in Greece

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.