The European Commission announced on Thursday that it has decided to send a formal request to Greece to amend its tax legislation with regard to the raising of capital.
Currently, Greece applies capital duty when a company transfers its registered office or place of effective management to Greece, and applies a general exemption from capital duty to agricultural and maritime companies.
However, the Commission considers that these rules are contrary to the Directive concerning indirect taxes on the raising of capital, which allows Member States to subject only the formation of companies, not their transfer, to capital duty and does not allow Greece to exempt specific economic sectors from the tax.
The request is in the form of a reasoned opinion, which represents the second stage of the EC infringement procedure. If Greece does not amend its legislation within two months, the Commission warned that it may refer the matter to the European Court of Justice.
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