EU asks Greece to change 'discriminatory' tax laws for capital abroad

The European Commission on Wednesday officially requested that Greece change tax laws providing incentives for Greeks with deposits abroad to repatriate their money, saying that these discriminate against those with capital abroad.

In the framework of a Greek tax amnesty, Greek tax payers that voluntarily declare funds abroad can benefit for a temporary tax amnesty and if they transfer those funds to a bank account in Greece for a period for at least one year, they are only required to pay 5 percent tax on these funds, while the tax rate for funds that are deposited abroad is 8 percent.

The Commission considers that the discriminatory treatment is not compatible with the principles for the free movement of services and capital provided for under the EU Treaty and the European Economic Area agreement.

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