Greek Finance Ministry Introduces Digital Transaction Fee, Replacing Stamp Duty on 600 Transactions

The Greek Finance Ministry has presented a legislative proposal to parliament, aiming to replace the Stamp Duty on 600 different types of transactions with a new Digital Transaction Fee where applicable.

Kostis Hatzidakis, the Minister of National Economy and Finance, explained that this draft law is part of a broader effort to modernize Greece’s tax framework by making processes more straightforward and digital.

Hatzidakis highlighted that this initiative will provide benefits to taxpayers by including measures such as tax deductions for state donations and removing the Special Consumption Tax (SCT) on agricultural fuel.

Additionally, the new electronic systems will enhance the auditing capabilities of the Independent Authority for Public Revenue (AADE) to better combat tax evasion.

The updates to regulations involve eliminating the Stamp Duty on transactions like loan agreements, insurance dealings, establishing and increasing capital for non-profit organizations, letters of credit for importers, and interest on loans and credit agreements.

Also abolished are over 100 types of transactions involving stamp duties, such as those for obtaining marriage and professional licenses.

Moreover, more than 500 transactions will no longer incur a 2.4% or 3.6% Stamp Duty, including those related to public legal entities or the state.

The newly introduced Digital Transaction Fee will apply to specified transactions by law, irrespective of the location, as long as one involved party has a tax residency or permanent establishment in Greece. No exemptions will be allowed, and these transactions will not face other indirect taxes.

For transactions between private individuals, the Transaction Fee will be confirmed via an electronic declaration through a new digital platform set up by AADE. The declaration and payment of the fee are due by the end of the month following the transaction.