We outline below last month’s most significant legal developments
Taxation
- The IAPR published a decision in Government Gazette B’ 4513/2018 regarding the establishment and operation of Free Zones.
- In order to effectively prevent fraud in the field of VAT, the EU Council approved a Proposal for a Directive on the common system of Value Added Tax regarding the temporary application by Member States of a generalized reverse charge mechanism in relation to supplies of goods and services above a certain threshold.
- Law 4571/2018 regarding “Urgent arrangements for the submission of Declarations of Personal Assets (Pothen Esches) as well as other provisions” was published.
Automatic Exchange of Information
- The OECD announced an updated list of residence by investment and citizenship by investment (RBI/CBI) schemes that taxpayers may use to circumvent common reporting standards (CRS).
Anti-money Laundering
- The EU Council adopted a new Directive on combating money laundering from criminal activities. This Directive complements the current regulatory framework by imposing certain minimum rules on the definition of criminal offenses and sanctions in the area of Money Laundering.
Capital Controls
- A Decision of the Minister of Finance concerning cash withdrawal and capital transfer restrictions was published in Government Gazette B’ 4315/2018. The Decision states, inter alia, that as of 1 October 2018, capital controls imposed on cash withdrawal are being repealed.
Corporations
- The IAPR published circular no. 1185/2018, which provides instructions regarding the transfer of assets and liabilities to existing or newly-established companies in the case of corporate transformations.
- The public consultation of a bill regarding “Corporate Transformations” carried out by the Minister of Economy and Development was finalized and submission of the bill to the Greek Parliament is expected.
Labour
- A decision of the Minister of Labour, Social Insurance and Social Solidarity published in Government Gazette B’ 4419/2018 provides that the Collective agreement of employment dated 17 March 2018 regarding the conditions of remuneration and employment in hotel businesses is mandatory.
- A decision of the Minister of Labour, Social Insurance and Social Solidarity published in Government Gazette B’ 4469/2018 ratifies a collective agreement for employees working on professional tourist vessels for the years 2018-2019.
Other Developments
- Law 4568/2018 regarding "Waterways, Urban Road Transport and Other Provisions" was published.
- Law 4569/2018 regarding “I) Central Securities Depositories (CSD), ΙΙ) Adaptation of the provisions of Directive 2016/2258/EU into Greek legislation and other provisions and III) Further provisions introduced by the Ministry of Finance” was published.