Greece Tax Agency Issues Circular on Distributed, Capitalized Profits of Specified Previously Exempt Entities

The Greek Independent Authority for Public Revenue Nov. 12 posted Circular No. E. 2096, on the tax treatment of profits distributed or capitalized by legal entities and originating in past years during which the entity was exempt under certain Income Tax Code provisions. The circular includes that: 1) an Income Tax Code provision taxes as profit from business activity, regardless of losses, the capitalized or distributed profits for which no income tax was paid by the legal entity or legal person; 2) the provision doesn’t apply to distributed or capitalized amounts of certain legal entities’ past year profits that weren’t ...