As part of our continuous effort to keep you updated on the latest tax developments, we summarize below the most significant clarifications on the capital gains and investment income.
The long expected circular providing guidance on the taxation of capital gains from the disposal of securities was issued on 26 January 2015. The circular clarified many “grey areas” relating to the taxation of the gains for both individuals and legal entities, resident and non-resident, arising from the disposal of securities (listed and non-listed) such as shares, partnership parts, corporate bonds, government bonds, treasury bills, warrants, derivatives etc., and also clarified the method for determining such capital gains.
Clarifications are provided in relation to the distribution of all types of dividends (i.e. from shares, other participation rights in profits, units, mathematical reserves, interim dividends, profits of domestic or foreign trusts, etc.) as well as the documentation required for tax exemption or taxation at a lower tax rate.
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