Thin cap exemption extended in Greece
March 09, 2011
Matthew Gilleard - ITR
A new tax Bill which was heard and voted for in principle in the Greek parliament last week, and which will be voted on again next week, means investment firms are now exempt from the application of thin capitalisation rules.
“There were not enough exemptions before,” explains Daphne Cozonis, of law firm Zepos & Yannopolous – Taxand. “The thin cap rules in Greece are not very old. They only came into effect in 2009 so as businesses become aware of these rules and how they apply, some cannot operate under thin capitalisation rules due to the way they are structured. For example, not even banks were exempt so now, over time, things are adapting.”
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