Greece ratifies the MCAA on the Automatic Exchange of Financial Account Information


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In October 2016, Greek lawmakers have published Law 4428/2016 “Ratification of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information” was in the Government Gazette (Link-Greek). Highlights include:

  • Following the incorporation into the domestic legislation of the Council Directive 2014/107/EU regarding the mandatory exchange of information on tax matters between Member States (L. 4378/2016), the present Law ratifies the Multilateral Competent Authority Agreement (“the Agreement”) on the automatic exchange of Financial Account information of the OECD.
  • The Common Reporting Standard (“CRS”) of the OECD with respect to the reporting and due diligence rules of the Financial Accounts information is introduced into the domestic legislation. It is noted that Directive 2014/107/EU also refers to the CRS of the OECD. Therefore, uniform rules for the exchange of Financial Account information will apply both between the Member States of the EU as well as Member Countries of the OECD.
  • The present Law is effective as of 1.1.2016. For calendar year 2016, the automatic exchange of information shall be effected up to 30.9.2017.
  • A Ministerial Decision will be issued determining the catalogue of the countries/jurisdictions with which Greece intends to automatically exchange information by virtue of the Agreement. Similarly, the dates of entry into force of the Agreement on bilateral basis, will be determined by Ministerial Decisions.

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