Added levy of 40 euros per sqm in "regulated semi-open" spaces

The multiple bill of 180 pages submitted by the Minister of Development upsets everything concerning the issue of taxation, whereby - among other things - the new business format with a minimum registered capital of 1 euro is voted for, something which protothema.gr revealed three months ago.

Among the changes that are occurring in taxation:

- There is a presumption of 40 euro per square meter for semi-regulated spaces (ie which will be considered as auxiliary spaces such as warehouses and parking).

- It is mandatory to submit income tax returns for all employees and retirees with an income of 5000 euros or more per year.

- The hike in property tax will not allow companies to recognize it as an expense in gross income. So it will be taxed on income that they do not possess.

- They are extending international collaboration and assistance for collecting debts from taxes, duties etc. Also established is the procedure for recovery of debts to the Greek government, even if these relate to a debtor who resides in another member state of the EU.

- A common mechanism of collection of contributions and payroll tax is applied.

- The publication of balance sheets in the press is abolished, provided that these will be published in the General Commercial Registry, which is about to be published on a website.

- There is a separate tax with a rate of 25%, against liability of companies or limited companies if these turn into a partnership, both for taxed profits and untaxed reserves held by the profits of Ltd's from previous years until December 31st, 2010, as these are considered to have been acquired by the partners.

- The trade tax of 0.2% in value of shares sold and listed in the ASE or foreign stock exchanges is extended to December 31st, while the capital gains tax will apply from 1/1/2013.