Taxation in the United Kingdom

In a report presented by Ernst & Young (EY) executive Stefanos Mitsios yesterday during the 8th Tax Forum organized in Thessaloniki by the Hellenic-American Chamber of Commerce, the firm estimates tax evasion in Greece to be as high as 6 to 9 percent of GDP.

A cloud of confusion continues to hover over what changes the public can expect next in property taxation. Government sources are now saying the capital gains tax will not be reintroduced in 2017 after all, while the plan to start calculating the Single Property Tax (ENFIA) based on value rather than size will also be shelved for now.

The Finance Ministry is planning to allow the concession of properties to the state for the payment of inheritance tax - unless this tax exceeds the objective value of the property - and other obligations to the state, while it appears the government will have to postpone the return of the capital gains tax on properties for another year.

A ministerial decision allowing citizens unable to accept an inheritance for tax reasons to cede property instead of paying inheritance taxes was expected to be announced in the near future, the ANA-MPA news agency reported on Thursday.

Road tax is set to decrease for owners of used cars that were first registered in another European Union country, according to a Finance Ministry circular issued on Thursday.

For instance, a 1.6L car registered in Greece in 2004, after its first registration in France in 2000, will pay road tax of 250 euros for 2017, against 265 euros in 2016.

A considerable portion of the underground economy has been forced out into the open as a result of the capital controls and the increased use of plastic money, contributing significantly to an increase in tax revenues, which in the January-August period exceeded their target by 364 million euros.

Parliamentary deputies have approved at second reading the so-called weekend tax. Under the amendments to the Corporate Income Tax Act, in the case of use of company assets (vehicles, telephones and property) for personal purposes a tax of 10% will be levied.

The majority of taxpayers will suffer retroactive tax increases that affect their incomes from January 1, 2016, according to a bill that was to be passed into law in Parliament on Sunday night.

The level of the income tax-free ceiling for Greece's salary workers, pensioners and farmers will be determined by the number of children dependent on each taxpayer.

The Finance Ministry is bringing to Parliament a clause that will allow for the return of vehicle license plates with the payment of road tax by the month for owners who chose to hand over their plates to avoid paying the annual levy.

Turkish home appliance producer Arçelik has said the Economy Ministry's Directorate of Incentive Implementation and Foreign Investment approved incentives for its planned investments worth 1.14 billion Turkish Liras ($376 million on Jan. 14 parity), in a written statement to the Public Disclosure Platform (KAP) on Jan. 14.