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Greece Warned On Tax Rules Concerning Foreign Losses

by Ulrika Lomas, Tax-News.com, Brussels

08 August 2019


The European Commission has urged Greece to align its rules regarding the limited deductibility of foreign losses.

The Commission has sent a reasoned opinion to Greece in respect of income tax legislation which limits deductibility of foreign losses, as interpreted by guidelines issued by the Greek tax authorities.

According to the Commission, while both business profits originating domestically and those originating in another EU or European Economic Area (EA) state are subject to taxes in Greece, the treatment of losses incurred abroad is limited. The Commission considers this difference in treatment constitutes a restriction to the right of establishment (Article 49 of the Treaty on the Functioning of the EU).

If Greece does not act within the next two months, the Commission may decide to bring the case before the Court of Justice of the EU.

TAGS: tax | business | legislation | transfer pricing | Greece | Tax | BEPS

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