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Greece

13 May 2021

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Greece Clarifies Priority in Deducting Foreign Taxes Paid

The Greek Public Revenue Authority (AADE) has published Circular Ε. 2089 of 5 May 2021, which clarifies the priority for the deduction (credit) of domestic income tax withheld, advance tax payments, and foreign taxes paid in determining the tax due for a year. The Circular provides that where a tax treaty applies, the provisions of the treaty are given priority over domestic law. As such, foreign taxes paid in a country that has a tax treaty with Greece will be given priority for deduction before the deduction of domestic income tax withheld and advance tax payments. In general, the deduction of foreign taxes is limited to the amount of corresponding Greek tax. The Circular also provides that where there is no applicable tax treaty, the priority for deduction is first domestic tax withheld, then advance tax payments, and lastly foreign tax paid.

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