Greece Tax Agency Issues Circular Explaining Non-Inclusion of Pre-Bankruptcy Adjustments in Taxable Income

The Greek Independent Authority for Public Revenue Oct. 16 posted online Circular No. E. 2164, explaining the non-inclusion of adjustments made under the pre-bankruptcy settlement procedure in taxable income calculations. The explanation includes: 1) the pre-bankruptcy settlement procedure aims to make adjustments without compromising the collective debt satisfaction of a business’ creditors; and 2) income resulting from adjustments doesn’t constitute taxable income since it doesn’t arise from business activities. [Greece, Independent Authority for Public Revenue, 10/16/20]

Reference:
View Circular No. E. 2164. View Announcement.