Based around the arm’s length principle, the new legislation makes Greece one of the latest EU countries to update its transfer pricing regime after Slovakia and Spain agreed to changes outlined by the EU transfer pricing forum.
The new rules will force companies to retain information regarding the transfer pricing method used, and the invoicing policy of the group.
Failure to comply with the new rules will result in a fine from the relevant tax authority.
By standardising the documentation requirements it is anticipated that tax authorities’ enquiries should be kept to a minimum and will, ultimately, make the country more attractive to investors who have an understanding of the recognised OECD guidelines.
More details to follow on www.TPWeek.com.
