Law 4484/2017: Implementation in domestic legislation of EU Directive 2016/881 concerning mandatory automatic exchange of information by Country by Country Reporting (CbC)
The new provisions of Greek CbC reporting as set forth in Law 4484/2017 and Circular 1131/2017 provide the following:
- The CbC report applies to multinational groups of entities (MNEs) headed or operating in Greece, with a consolidated group turnover exceeding €750 million in the fiscal year preceding the fiscal year to which the CbC report applies.
- The CbC report is filed by the ultimate parent company of every liable MNE group that has its tax residence in Greece.
- The first fiscal year to be reported is the one starting on or after January 1st, 2016, and the filing should take place within 12 months of the lapse of said fiscal year and any subsequent year to the extent that the €750 million threshold is exceeded.
- Especially for the CbC report of the first fiscal year beginning on or after January 1st, 2016, an extension has been provided and the CbC reports may be exchanged within 18 months of the last day of the fiscal year said reports refer to.
Greek ultimate parent entities controlling a multinational group of entities (MNEs) with annual total consolidated group revenues exceeding €750 million shall file CbC reports with the Greek tax authorities. The Ecovis experts point out [Unterstreichung bitte verlinken] that under certain conditions, Greek entities which are part of multinational groups without a Greek resident ultimate parent company may also be designated to file a CbC report or in any case to proceed with the required notifications regarding the indemnity of the group entity obliged to file the CbC report and its tax jurisdiction.
Furthermore, a Greek tax resident group entity, even if it is not the ultimate parent, may be subject to the report filing, if it meets certain criteria.
This document has been prepared by professional teams of Ecovis Hellas. It contains information in summary form and is therefore is intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgement. Neither Ecovis Hellas nor any other member of Ecovis global can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. The information contained herein do not constitute a substitute for professional specialized advice.