General tax information – Types of securities, deadlines, other market specifics – Greece (CBL)
Types of securities
The eligible securities issued in Greece are as follows:
- Government debt securities (including treasury bills);
- Corporate bonds;
- Ordinary and preference shares.
Withholding tax
Government bonds and treasury bills | Holding restriction? | Withholding tax rate | Relief at | Quick | Standard |
No | 0% | ||||
Greek government bonds and treasury bills are only subject to Greek withholding tax where the recipient of the interest is a Greek credit institution. Greek government bond and treasury bill interest paid to Clearstream Banking will be paid with no withholding tax deducted. Clearstream Banking, having no permanent establishment in Greece, does not have any obligation to withhold tax on income derived from interest on Greek government bonds and treasury bills paid to its clients. As such, Greek credit institutions receiving income from Greek government bonds via Clearstream Banking should be advised that this income will be received gross, and they should consider the correct tax position for this income accordingly. | n/a | n/a | n/a | ||
| Corporate debt securities | Holding restriction? | Withholding tax rate | Relief at source | Quick refund | Standard refund |
No | 15% | ||||
Non-residents of Greece | No | No | No | ||
Greek residents | No | No | No | ||
Following Clearstream Banking’s new omnibus account structure at AthexCSD, which became effective 12 April 2021, 15% withholding tax is applicable on interest from corporate bonds.
Accrued interest calculations are applicable for withholding tax on interest distributions from corporate bonds.
The tax is withheld directly by the issuer in favour of the Greek Tax Authorities. No relief at source or standard refund is available through Clearstream Banking.
Important note: The application of accrued interest on transactions that are taking place outside of the AthexCSD remains to be clarified by the market.
| Equities | Holding restriction? | Withholding tax rate | Relief at source | Quick refund | Standard refund |
No | 5% | ||||
Non-residents of Greece | No | No | No | ||
Greek residents | No | No | No | ||
As of 1 January 2020, the standard rate of withholding tax on Greek dividend distributions is 5%.
Tax is withheld directly by the issuer in favour of the Greek Tax Authorities. No relief at source or standard refund is available through Clearstream Banking.
Note: Dividends distributed by Greek portfolio investment companies and Greek real-estate investment companies listed on the Athens Exchange are not subject to withholding tax.
Capital gains tax
There is no capital gains tax withheld through Clearstream Banking on securities held in Clearstream Banking. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.
Stamp duty
There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.