[World Tax News] Greece to Introduce Digital Transaction Fee, Phasing Out Stamp Duty and More

Editorial Team – [2024] 166 taxmann.com 344 (Article)

World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.

1. Greece to Introduce Digital Transaction Fee, Phasing Out Stamp Duty

The Greek parliament is reviewing a draft bill proposed by the Ministry of Finance on September 2, 2024, which aims to eliminate stamp duty and replace it with a new digital transaction fee. This fee could reach up to 3.6% for certain specified transactions.

The digital transaction fee will apply to transactions involving tax residents of Greece or entities with a permanent establishment in Greece, provided the transaction is connected to the activities of that establishment.

This new fee structure will take effect from January 1, 2025, with transactions completed by December 31, 2024, remaining subject to the existing stamp duty.

Source: Draft Bill

2. UAE calls on resident juridical entities with licenses issued in July to register for corporate tax by end of September 2024

In a press statement, the Federal Tax Authority (FTA) advised Taxable Persons to adhere to the timelines specified for Registration of Taxable Persons for Corporate Tax for Taxation of Corporations and Businesses and its amendments. The FTA Decision provides deadlines for each category of Taxable Persons subject to Corporate Tax to submit their Corporate Tax registration applications.

As per Cabinet Decision No. 75 of 2023, an Administrative Penalty will be levied on Taxable Persons who fail to comply with submitting their Corporate Tax registration application within the periods specified in the FTA Decision.

The FTA explained that Juridical Persons that are Resident Persons incorporated or otherwise established or recognised before 1 March 2024 must submit their Corporate Tax registration application based on the month their Licence was issued, irrespective of the year of issuance. For Taxable Persons holding multiple Licences on 1 March 2024, the deadline is determined by the Licence with the earliest issuance date. In the event that a Taxable Person holds an expired Licence on 1 March 2024, the registration deadline is still based on the month the Licence was issued.

The FTA stated that registration for Corporate Tax purposes is available through the EmaraTax digital tax services platform, which is accessible 24/7. The registration process has been streamlined into four main steps that will take approximately 30 minutes to complete. The platform also allows for Value Added Tax or Excise Tax registrants to access directly their accounts via EmaraTax, complete registration for Corporate Tax, and submit the required documents. Once the registration request is approved, Taxable Persons will obtain a Tax Registration Number for Corporate Tax purposes.

Meanwhile, the FTA urged Taxable Persons subject to Corporate Tax who have yet to register to create a new username through the EmaraTax platform using their email address and mobile number.

Additionally, Taxable Persons subject to Corporate Tax can register directly through the EmaraTax digital tax services platform, or through the authorised Tax Agents listed on the FTA’s website. They can also submit a Corporate Tax registration application at several government service centres across the country, which provide their services electronically in accordance with government service standards and under the supervision of qualified and trained individuals. Once application procedures and electronically entered data verification are complete, a team of specialists reviews the application internally and provides the applicant with their Tax Registration Number for Corporate Tax directly to the email address listed in the Corporate Tax registration application.

Source: News, dated 03-09-2024

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