ΤΟ ΑΦΟΡΟΛΟΓΗΤΟ ΕΩΣ ΧΑΜΗΛΟΥ ΦΟΡΟΥ ΚΑΘΕΣΤΩΣ ΓΙΑ ΤΙΣ ΤΡΑΠΕΖΕΣ ΣΤΗΝ ΕΛΛΑΔΑ.... ΑΥΤΑ ΠΟΥ ΔΕΝ ΒΛΕΠΕΙ Η ΚΥΒΕΡΝΗΣΗ ΣΤΗΝ ΕΛΛΑΔΑ ΚΑΙ ΟΙ ΔΙΕΘΝΕΙΣ ΤΟΚΟΓΛΥΦΟΙ
Tax incentives
Greek legislation provides a series of tax and other incentives for mergers of credit institutions.
Greek legislation provides a series of tax and other incentives for mergers of credit institutions.
• The merger, as well as the transfer of any individual asset of the
merged entities, is explicitly exempt from several taxes, duties and levies or enjoys a reduced rate status (regarding notary fees, for example). It is not exempt from a capital concentration tax of 1%, but only to the extent that the merger generates a capital increase. This constitutes a considerable incentive, especially in view of the taxation imposed on other types of transactions (for example, the transfer of the business is subject to taxation of 20% on the capital gains arising from the transfer – several indi- vidual transactions implied in mergers, such as assignments, can carry stamp duty).
• The valuation of the assets of the merged entities can be per- formed by a three-member committee of experts. This type of valuation can generate capital gains, which however do not trig- ger any tax liability other than the above mentioned 1% capital concentration tax.
• Alternatively, a faster valuation, certified by chartered accoun- tants, can be done at book value. Under this alternative no capi- tal gains are generated.
• Specific tax treatment is foreseen for profits or losses carried forward, and for certain types of reserves.
The above mentioned incentives may apply also to:
• The separation (demerging) of credit institutions.
• The spin-off of branches of credit institutions (including branch- es of foreign credit institutions operating in Greece) in the form of a participation in the increase of the share capital of another existing credit institution to credit institutions operating in a EU
member state.
• The contribution of branches of foreign credit institutions oper-
ating in Greece.
• The transformation of branches of foreign institutions into Greek
credit institutions.
It is reasonable to expect that the above incentives, designed to accelerate and facilitate mergers in the sector of credit institutions, shall remain in place at least until the above prospective privatiza- tions of state controlled banks have been completed. It is also rea- sonable to expect increased M&A activity in this sector over the next few years, as existing and prospective players position themselves in both the domestic and the regional market.
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