Business Reforms in Greece

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

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


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