Greece: Parliament initiates legislation to implement EU Tax Transparency Directive
The Greek Parliament initiated a legislative process to transpose EU Directive 2021/2101, which outlines tax information declaration requirements for specified entities. The proposed bill encompasses the following measures:
- Publication of Annual Income Tax Information: Ultimate parent companies in multinational groups, with consolidated revenue exceeding 750 million euros (approximately US$796.4 million) in each of the past two consecutive financial years, will be obligated to disclose annual income tax information.
- Extension to Large Standalone Enterprises: The requirement for publishing tax information will also be extended to large standalone enterprises that meet the 750 million euro revenue threshold in similar periods.
- Responsibility for EU-Based Subsidiaries: If an EU-based medium or large subsidiary belongs to a non-EU parent company and meets the 750 million euro consolidated revenue threshold in similar periods, it must adhere to the publication requirement with respect to its parent.
- Guidelines for Report Content and Preparation: The bill will establish clear guidelines for the content and preparation of the required reports.
- Publication Timeline: Reports must be made available to the public within 12 months from the end of the financial year.
- Responsibilities of Corporate Bodies: Roles and responsibilities for members of the administrative, management, and supervisory bodies of both parent companies and entities will be defined.
- Energy Supplier Transparency: Energy suppliers are required to prominently display on their websites, by December 1, the pricing parameters of the special tariff methodology for each category of customers.
Source: hellenicparliament.gr
