Greece Tax Agency Clarifies Tax Treatment of Short-Term Real Estate Leases

The Greek Independent Authority for Public Revenue April 11 issued a press release clarifying the taxation of short-term real estate leases, applicable from Jan. 1. Topics covered include: 1) clarification that leases are considered to be short-term when they don’t exceed 59 days; 2) application of the VAT exemption for short-term leases of natural persons leasing up to two residential properties; 3) application of the reduced 13 percent VAT rate for short-term leases of natural persons leasing three or more residential properties; 4) clarification that for legal entities, all short-term residential leasing is subject to the 13 percent VAT rate ...