The new digital transaction levy in Greece: What businesses need to know
From 1 December 2024, a new tax on digital transactions will apply in Greece. It replaces the traditional stamp duty. More than 600 types of transactions will now be exempt from stamp duty. The Ecovis experts explain the details of the new law and what businesses need to know.
Elimination of stamp duty
As of 30 November, the stamp duty burden will be abolished for many significant transactions, such as gratuitous loans, insurance transactions, capital increases for non-profit entities, statutory interest for loans, cash facilitations, and advances.
Introduction of the digital transaction levy
From 1 December, the new digital transaction levy will then replace the stamp duty on specific types of transactions. The levy will apply to real estate business leases, compensation for statutory interest and default interest (other than bank loans), and transactions between individuals who are not engaged in business activities.
In addition, the digital transaction levy will apply to payments made to individuals or members of a company’s administration, as well as to deposits or withdrawals from the funds of legal entities and organisations.
Key points of the law
Under the new law recently ratified by the Greek parliament, the digital transaction levy applies regardless of where the transaction is conducted, as long as at least one party has is tax resident or has a permanent establishment in Greece. The levy is restricted to the types of transactions specifically named in the law and does not apply to other indirect taxes.
We will answer your questions about the new digital transaction levy.Vassilis Panagakos, Chief Accountant, ECOVIS Hellas, Athens, Greece
The assessment and payment of the levy will be carried out digitally through a new digital platform created by the Independent Authority for Public Revenue (AADE). The declaration must be submitted by the end of the month following the transaction.
Exceptions
General exceptions include transactions where income tax withholding is required or where transactions are subject to VAT. Bond loans and home leases are also exempted from the new digital transaction levy, as they were from stamp duty.
Digital transaction levy rates
| Levy rate | Transaction type |
| 3.60% | Applied to real estate business leases, compensation for statutory and default interest, and contracts between individuals not engaged in business |
| 2.40% | Applies when all parties are engaged in business activities, or at least one is a legal entity, e.g. an SA, LLC, or PC |
| 1.20% | For payments to individuals or board members, as well as for deposits or withdrawals from the funds of legal entities |
| 0.30% | For checks submitted to financial institutions |
For further information please contact:
Vassilis Panagakos, Chief Accountant, ECOVIS Hellas, Athens, Greece
Email: vassilis.panagakos@ecovis.gr