Sales of shares listed on a regulated market or on a multilateral trading facility operating in Greece in accordance with L.4514/2018, regardless of whether the relevant sales’ transactions take place inside or outside the above-mentioned trading venues, that settle within ATHEXCSD are subject to 0.1% sales tax in accordance with Article 9 (2) (c) of Law 2579/1998, Articles 50 and 59 (9) of Law 5073/2023 and Ministerial Decision A.1236/2021.

ATHEXCSD calculates the sales tax and notifies the Participants (for account of sellers) daily. Participants then pay it to ATHEXCSD for attributing to the Greek State. The Sales Tax is calculated on the value of the equities' sales.

The tax on OTC transfers is calculated as follows:

• For settled OTC transactions upon a Participant’s instruction, the sales tax is calculated on the sell value of the shares' sales, as registered by the Participant acting on behalf of the Seller who has the relevant obligation. In cases where the transaction does not carry a sell price, the value is calculated based on the closing price on the transaction date.
• For settled OTC transactions upon a beneficiary’s instruction, the sales tax is calculated on the sell value. The sell value is regarded as the highest between the value stated in the relevant sale agreement submitted to ATHEXCSD and the value resulting from the multiplication of the share Closing Price, on the same day as this of the relevant sale request filing (transaction date), with the number of shares transferred.

The sales tax shall not be levied in the following cases:

• Where an exemption is provided for under special provisions.
• In the case of transfer of non-listed shares by a natural or legal person who is a tax resident of Greece/legal person who is a tax resident of a foreign country with permanent establishment in Greece, with the exception of non-listed shares traded on a multilateral trading facility.
• In the case of transfer of non-listed shares by a natural or legal person who is not a tax resident of Greece.

* Late / non-payment of sales tax is subject to fines based on the provisions of art. 9 para. 2 of Law 2579/1998, as amended and in force. 

With regard to the transfer of non-listed securities (shares and bonds) for valuable consideration (e.g. sale) by natural persons who are tax residents of a non- collaborative state pursuant to Article 65 of the Income Tax Code, in accordance with the applicable tax legislation and Circular POL. 1032/2015, the following applies:

• Natural persons who are tax residents of a non-collaborative state pursuant to Article 65 of the Income Tax Code must, prior to any transfer of securities, submit an income tax return including the income in question and pay the tax in a lump sum. 
• Responsible Participants receiving a related transfer order from their clients who fall under the above category must ensure that they have received the aforementioned declaration before any transfer.

The 0.1% sales tax on transactions of shares held by a registered intermediary in an omnibus account and settled outside ATHEXCSD (internalized settlements) is calculated daily by the registered intermediary or another intermediary of the intermediary chain, for account of the sellers, according to Article 9 (2) (d) of Law 2579/1998, Articles 50 and 59 (9) of Law 5073/2023 and Ministerial Decision A.1237/2021.  

Each intermediary pays the tax to the next intermediary in the chain or the registered intermediary or to the Participant and ATHEXCSD, which attributes it to the Greek State.

The sales tax is also levied on the sale of shares listed on a regulated market or foreign multilateral trading facility, or in other internationally recognized stock exchange institutions, regardless of whether the transactions are settled inside or outside the foreign settlement venues, as long as sellers are persons/businesses having their domicile (and in case of foreign businesses permanent establishment) in Greece [Article 9 (2)(e) of Law 2579/1998]. The tax due on the sale of shares listed in the above-mentioned trading venues is calculated based on the value of the share sale and is attributed to the Greek State by the seller.

The sales tax shall not be levied where an exemption is provided for under special provisions.

* Late / non-payment of sales tax is subject to fines based on the provisions of art. 9 para. 2 of Law 2579/1998, as amended and in force. 

With the provisions of Article 92 of Law 5104/2024 (Government Gazette A'58/19.04.2024) ("Tax on over the counter stock lending-Replacement of paragraph 4 of Article 4 of L4038/2012"), the 0.2% tax on over the counter (OTC) lending transactions of stocks listed on Athens Stock Exchange is abolished, and simultaneously, the exemption from stamp duty remains. 

The entry into force of the above provisions applies to OTC stock lending transactions with settlement date from Monday 22/4/2024.

ATHEXCSD calculates the tax in each monetary distribution on behalf of the Issuer, taking into account the specific tax treatment categories of each Securities Account, as recorded by the Participants.  

ATHEXCSD then informs the Issuer of the corresponding tax in cash distributions (e.g. dividends) and/or distributions-in-kind (e.g. reinvestments), who in turn attributes it to the Greek State.

According to the current tax regime, a tax rate of 5% is applied in case of dividends and interim dividends.  

Pursuant to the Circular 1042/2015 of Independent Authority for Public Revenue ‘IAPR', in case the liable persons request certificates for tax purposes, ATHEXCSD shall be responsible for their issue and provision to the beneficiaries through the Participants.

Regarding coupon distributions of corporate bonds listed on ATHEX the following tax rates are applicable under the current tax legislation:

• 15% for Greek tax residents Legal Entities
• 5% for Greek tax residents Natural Persons
• 0% for non-Greek tax residents Legal Entities and Natural Persons

No tax is withheld to coupon distributions paid to legal entities included in thE Annex of Directive 2003/49/EC on a common system of taxation applicable to interest payments made between associated companies of different Member States under specific conditions (article 63 par. 2L 4172/2013).

Paying agents shall be responsible for the tax withholding and attributing to the Greek State, when acting as paying agents (art. 61 of Law 4172/2013, as amended by art. 21 of Law 4646/2019).  

Tax withholding shall be carried out on the gross interest amount. ATHEXCSD acts as a paying agent only for the coupon distributions to beneficiaries of Special Accounts (i.e. Deceased's Account or Provisional Transfer Account), as well as to beneficiaries of insolvent Participants which are under special liquidation status.

Regarding coupon distributions of non-listed corporate bonds, a withholding tax rate of 15% applies. Exceptions apply in cases of foreign tax residents for whom a more favorable withholding tax rate is provided for in the relevant DTT and in cases where the conditions of Article 63. par2 of L. 4172/2013 are met. The issuing companies are responsible for withholding and paying the tax to the Greek State.

Investors who receive more favorable tax treatment (e.g. due to the application of a Double Taxation Treaty  - "DTT") must - at the beginning of each year - inform and provide the Participant of their Securities Account with the necessary supporting documents for the latter to enter the appropriate indication in the DSS.

Pursuant to the Circular 1033/2014, every year ATHEXCSD submits a file to the IAPR containing the cash distributions of dividends and interim dividends of listed companies on ATHEX which were distributed to the beneficiaries in the previous year.

In situations where ATHEXCSD operates as a paying agent (in the case of special accounts) for the interest of listed corporate bonds, ATHEXCSD provides information to the IAPR and pays the tax. 

According to the current Income Tax Code (L. 4172/2013, Income Tax Code, as in force since 01.01.2014), the following shall be specified for the capital gains tax on transferable securities:

• Capital gains resulting from transferable securities transactions shall be taxed at a rate of 15% for natural persons only, provided that such transfers do not constitute business activity  
• The capital gains arising from the exchange of Greek Government bonds or corporate bonds guaranteed by the Greek State with other transferable securities under the PSI are exempt from capital gains tax
• Capital gains from the transfer of securities include, among others, listed companies shares if the transferor holds at least 0,5% in the share capital of the company, shares in non-listed companies, Government and Corporate Bonds, Treasury Bills and Derivative Financial Instruments, which are indicatively identified
• Goodwill or capital gains refers to the difference between the price paid for the redemption and the transfer price received, including any costs directly related to the securities purchase and sale.
  • For listed securities, the acquisition or sell price stems from the purchase/sale documents issued by the intermediary brokerage firm or custodian or other documents disclosed to ATHEX  
  • For non-listed securities, the sell price is the highest between the contract sell price and the equity (at the time of the transfer) value of the issuing company. The acquisition price is the lowest between the contract sell price and the equity (at the time of acquisition) value of the issuing company. If the acquisition price cannot be determined, it is considered as zero.  
  • In the case of a transfer of securities acquired by Donation, Parental Benefit or Inheritance Succession, for the purpose of calculating the resulting capital gain, the purchase price of such securities shall be the value on the basis of which the inheritance, gift or parental benefit tax was calculated or exempted.
• A loss arising from the transfer of transferable securities may be transferred for the following 5 years (for natural persons only) and be offset only against future profits arising from the transfer of transferable securities. In order to determine the final result (profit or loss) from the above transfers, the sum of the transactions and taxed as capital gains from the transfer of securities and have taken place within the same tax year is taken.
• In any case, the provisions of the various Double Taxation Treaties ("DTT") shall prevail over the provisions of domestic law, which shall apply in the absence of a relevant DTT or, if any DTT applied, does not provide for more favorable tax treatment. 

Regarding transfers of listed and non-listed securities relating to Donation, Parental Benefit or Inheritance Succession, a declaration of the liable party is required to be submitted to the relevant Tax Office along with the receipt of said certificate referred to in Article 105, for the fulfillment of the respective tax obligation. The tax may also be paid to the Tax Office through withholding from the bank, securities company or the persons or entities that keep the assets. 

The tax due in case of acquisition of income arising for employees / partners / shareholders of a company in the form of stock options, as well as in the form of shares granted to them under free share programs in which the achievement of specific objectives or the occurrence of a specific event is made conditional, is provided for in articles 13, 14 and 42a of the Income Tax Code.

For transfers of shares acquired by employees / partners / shareholders of a company in the form of stock options, as well as transfers of shares to employees / partners / shareholders of a company under free share programs if certain objectives have been achieved or a specific event has occurred, the capital gains tax is calculated in accordance with art. 42a of the Income Tax Code and Circular E.2208/2020 of IAPR.