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Greece – New Voluntary Disclosure Program in Effect through 31 May

Greece – New Voluntary Disclosure Program in Effect

The GMS Flash Alert reports on a new a voluntary disclosure program in Greece that will run until the end of May 2017.



Picture of Georgia Stamatelou

Partner, Head of Tax

KPMG in Greece


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Greece is offering to all taxpayers who have failed to disclose taxable income and assets to the Greek authorities a voluntary disclosure program that will run until the end of May 2017.1

The program applies to taxes that fall within the scope of the Tax Procedures Code (TPC), on the condition that the deadline for filing the initial tax return expired on or before 30 September 2016, regardless of the statute of limitation.

In order to benefit, the new filings relating to the previously-undisclosed income and assets must be made by taxpayers no later than 31 May 2017.


This program will likely not affect a majority of taxpayers whose returns are correct and complete.  Nonetheless, there may be some examples where potentially some taxpayers could be affected: 

  • Assignees to Greece or from Greece who have not fully declared foreign income and gains;
  • Local hires of the Greek subsidiary of a multinational company who have not declared dividends on shares that they hold in the multinational company; and
  • A Greek resident who inherited an asset abroad.

Failure to come forward and make the disclosure of liabilities prior to 31 May 2017, may result in the taxpayer being pursued by the Greek tax authorities and the imposition of penalties.

Taxes and Other Sanctions to Be Applied under the Program

Taxes applicable for calendar years up to 2013 Taxes applicable for calendar years 2014 and 2015

i.  8% additional tax on the main tax due in case the return is filed by 31 March 2017 

ii. 10% additional tax on the main tax due in case the return is filed from 1 April 2017 to 31 May 2017

i.  Penalties imposed for infringements pursuant to article 54 L. 4174/2013 

ii. Late payment interest of 0.73% per month pursuant to article 53 L. 4174/2013

The additional tax imposed above is further adjusted according to the below rates, whereby it is rounded to the nearest digit:


Taxes applicable for calendar Rate of Adjustment
Up to 2001 +25%
2002 +23%
2003 +20%
2004 +16%
2005 +15%
2006 +12%
2007 +10%
2008 +6%
2009 +5%
2010 onwards +0%


Deadline for Returns under the Program

Returns are due in by 31 May 2017, to benefit under the program.  However, taxpayers should note that returns can be submitted until such time as the taxpayer receives a tax audit order or a request for providing information; should that happen, the taxpayer may not proceed under the terms of the program.

For More Details

For additional information concerning conditions for
eligibility and procedures for participation in the program, as well as taxes to
be applied, please see ”Voluntary Disclosure Program,” on the website for the KPMG International member firm
in Greece. 


1  Law 4446/2016 (Government Gazette Ά 240/22.12.2016) on “Bankruptcy Code, Administrative Justice, Duties - Fees, Voluntary disclosure of undeclared income, Electronic transactions, Amendments of Law 4270/2014 and other provisions.”

The information contained in this newsletter was submitted by the KPMG International member firm in Greece.

© 2020 KPMG Advisors Single Member S.A., a Greek Societe Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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