GREECE Law and Practice Contributed by: Maria Zoupa, Daphne Cozonis, Ioanna Tapeinou and Diana Tsourapa, Zepos & Yannopoulos
of the relevant operation on certain conditions speci - fied in the law and subject to specific anti-abuse rules. 2.8 Other Taxes on Transactions Value Added Tax Value added tax (VAT) is levied on virtually all transac - tions relating to goods and services. The standard VAT rate is 24%, although reduced rates are also available in certain cases (eg, for certain agricultural supplies, hotel accommodation, certain social services, etc). VAT is imposed on the total consideration received for the supply of goods or services, excluding the tax itself. VAT is not a burden for companies with the right to fully deduct input VAT. Stamp Tax and Digital Transaction Duty As of 1 December 2024, Digital Transaction Duty applies to certain transactions defined in the law where, in principle, at least one of the transacting par - ties is a Greek tax resident person or foreign person acting through a permanent establishment in Greece and provided that the relevant agreement or transac - tion does not fall under the scope of VAT or the scope of certain other taxes defined in the law, such as inher - itance or real estate transfer tax. The most common transactions that are subject to Digital Transaction Duty are certain commercial leases, and loans and transfers of business concerns. Digital transaction duty is applied at different rates, depending on the type of parties to a transaction. Business transactions falling under the scope of digi - tal transaction duty are, in principle, subject to a 2.4% rate applied to their monetary value. The rate for com - mercial leases is 3.6%. The Digital Transaction Duty is, in principle, imposed at 2.4% on interest‑bearing and interest‑free loans and on all types of credit, including those deemed equivalent to loans and credit cards, up to a maxi - mum of EUR150,000 per loan. However, the duty does not explicitly apply to interest payments, bond loans
an imputed value computed on the basis of a specific formula provided for in the law) and the actual transfer value agreed, and which is borne by the purchaser. The tax rate is 3%. An additional 3% municipality tax is applied to the amount of the real estate tax, so that the overall tax burden adds up to 3.09%. Reduced rates of real estate transfer tax apply in certain quali - fying corporate reorganisations, as provided by Law 5162/2024 (see 2.7 Capital Gains ). Sales of new buildings by businesses are, in principle, subject to VAT at 24%. Between 2020 and 2025, the sale by businesses of buildings that would normally be subject to 24% VAT can be exempt from VAT upon the filing of a relevant application. The exemption cov - ers buildings that have been completed with building permits after 1 January 2006, as well as those built by the end of 2025. Constructors who opt not to apply VAT on a sale waive the right to deduct the VAT on the construction cost. Any non-recoverable VAT can be deducted as an expense for income tax purposes. Listed Shares Sales Tax A transfer tax at the rate of 0.1% is levied on sales of shares listed on a regulated market or a multilateral trading facility operating in Greece. Banking Levy An annual banking levy, known as the “Law 128 con - tribution”, is imposed on loans and credits granted by Greek and foreign credit institutions. The applicable rates depend on the type of credit, and range between 0.12% and 0.6%. 2.9 Other Notable Taxes Unified Real Estate Tax Incorporated businesses owning property rights on real estate located in Greece are subject to a unified real estate tax ( Ενιαίος Φόρος Ιδιοκτησίας Ακινήτων , commonly referred to as ENFIA), which consists of a main and a supplementary tax. The main tax applies to each property separately and is calculated based on a formula that varies depending on the type and location of the real estate assets and a number of other coefficients set in the law. The basis rate for the main tax (which is then multiplied by set coeffi - cients, depending on the particular case) ranges from
under Law 4548/2018, or bank loans. Real Estate Transfer Tax and VAT
The transfer of real estate, except new buildings, is subject to real estate transfer tax, which is imposed on the higher of the so-called objective value (which is
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