Business Reforms in Greece

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB2016:

Paying Taxes:

Greece made paying taxes less costly for companies by reducing the rates for social security contributions paid by employers, making insurance premiums fully tax deductible and lowering property tax rates. At the same time, it defined entertainment expenses as nondeductible, reduced the depreciation rates for some types of fixed assets and increased the tax on interest income.


DB2015:

Starting a Business:

Greece made starting a business easier by lowering registration costs.


Registering Property:

Greece made it easier to transfer property by reducing the property transfer tax and removing the requirement for the municipal tax clearance certificate.


Enforcing Contracts:

Greece made enforcing contracts easier by introducing an electronic filing system for court users.


DB2014:

Starting a Business:

Greece made starting a business easier by introducing a simpler form of limited liability company and abolishing the minimum capital requirement for such companies.


Protecting Minority Investors:

Greece strengthened investor protections by introducing a requirement for director approval of related-party transactions.


Paying Taxes:

Greece made paying taxes more costly for companies by increasing the corporate income tax rate—though it also reduced the employers’ contribution rate to the social security fund.


Trading Across Borders:

Greece made trading across borders easier by implementing a system allowing electronic submission of customs declarations for exports.


DB2013:

Dealing with Construction Permits:

Greece reduced the time required to obtain a construction permit by introducing strict time limits for processing permit applications at the municipality.


Protecting Minority Investors:

Greece strengthened investor protections by requiring greater immediate and annual disclosure of material related-party transactions.


Resolving Insolvency:

Greece enhanced its insolvency process by abolishing the conciliation procedure and introducing a new rehabilitation proceeding.


DB2012:

Starting a Business:

Greece made starting a business easier by implementing an electronic platform that interconnects several government agencies.


Labor Market Regulation:

Greece decreased the severance pay applicable in case of redundancy dismissals.


Paying Taxes:

Greece reduced its corporate income tax rate.


DB2011:

Registering Property:

Greece made transferring property more costly by increasing the transfer tax from 1% of the property value to 10%.


DB2010:

Getting Credit:

Greece’s private credit bureau, Tiresias, expanded the amount of information it distributes in credit reports, improving access to credit information.


DB2009:

Starting a Business:

Greece made starting a business easier by reducing the minimum capital requirement, lowering the cost of the capital tax and reducing the time needed for the publication requirement.


Protecting Minority Investors:

Greece strengthened investor protections by lowering the shareholding threshold required to initiate a derivative suit against directors.


Paying Taxes:

Greece made paying taxes easier for companies by introducing electronic payment systems for the social security tax.


Resolving Insolvency:

Greece improved its insolvency process through a new bankruptcy law that is aimed at allowing more companies to continue as a going concern—by encouraging the reorganization of financially distressed companies, preserving business assets, ensuring equal treatment of creditors and preventing piecemeal sale.


DB2008:

Paying Taxes:

Greece made paying taxes less costly for companies by reducing the corporate income tax rate.


Reform Summaries Since DB08


Close