Greece increases transfer pricing penalties
July 21, 2010
As part of the overhaul of Greece’s tax system, transfer pricing rules have been strengthened, including raising the penalty for not submitting documentation to 20% of the amount of the transaction.
The levy was previously capped at €8,800 ($11,320). Furthermore, the exemption threshold to trigger the documentation requirement for related-party transactions is reduced from €200,000 to €100,000 a year. Documentation must be submitted in Greek within 30 days (down from 60) after a request from the tax authorities.
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