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NEWSLETTER 20 Dec 2013
Real Estate Auctions: Time for a change.  
  20 December 2013  
  The intention of the Greek government, derived also under the pressure of troika, to terminate the suspension of the real estate auctions, which had been established by law since 2009 and is extended, under certain conditions, each year, has sparked heated discussions lately. The decision for suspending the auctions was introduced as a legislative act, in an attempt of the State to regulate the private financial market in favor of a broader public interest.
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I.K.A.’s circular brings reversals in pension rights of persons with successive insurance.  
  20 December 2013  
 

Reversals brings to guaranteed or vested pension rights, at least until recently, the new circular of the Social Insurance Institute (I.K.A.) (No 68/04.12.2013 ) regarding the acquisition or vesting of rights in the event of successive insurance. In the Circular, it is stated that when the Institute considers cases of policyholders who have successive insurance and IKA is the last one, then the Institute should first consider whether the insurance risk has occurred, i.e. if the insured has obtained a pension right under the legal provisions that he/she relies on getting a pension from the Institute.

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Serious legal obstacles in the privatization of ADMIE  S.A. (independent power transmission operator) during the first phase of the restructuring and privatization plan of DEI S.A. (public utility services for electricity) according to act no 15 dated on 24.07.2013 of the council of ministers.  
  20 December 2013  
 

Over the last days, at the peak of the political edge has come the attempt of the Greek Government to proceed on the completion of the first phase of the privatization of DEI S.A. (Public Utility Services for electricity). Based on the timeline set, the procedure will be completed in three phases according to the Act No 15 dated on 24.07.2013 of the Council of the Ministers (Government Gazette A '168/24.07.2013). The obligation at hand has been undertaken by the Greek Government under Law 3845/2010 that incorporated the “Memorandum of Economic and Financial Policies” (known as “Memorandum 1”).

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Elimination of advertising fee (Aggeliosimo) is recommended by OECD.  
  20 December 2013  
  In November 2012, the Greek Government asked from OECD to compile a report on completion distortions arising from restrictions provided by national legislation, mainly by imposing taxes and financial burden in favor of third parties, which result in holding back the growth of productivity. Exactly a year after, OECD submitted to the Ministry of Finance this report, which examines, inter alia, the distortions of competition in the advertising area and recommends specific regulation amendments.
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The taxation of the employee for the benefits provided by the employer in the context of his participation to private insurance policies: the changes occurring from the Law 4172/2013 (entering into force on 01.01.2014).  
  20 December 2013  
  The provision of the possibility for the employee to participate in a private security policy constitutes a common practice of large corporations, either in the form of a complete coverage of the relative insurance expenditure by the company, or in the form of a participation of the company in it, besides the one of the employee. In any case, the taxing status quo of the above mentioned benefit is rather crucial. As a matter of fact, it was changed recently, by the law 4172/2013.
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The “stock options plans” of companies and their tax treatment.  
  20 December 2013  
  It is common, on the framework of a company of capitalized scheme and particularly in the context of business associations, for the employers to provide to their employees a “block of shares” with privileged conditions under the form of voluntary employer’s contribution. This benefit is provided in the context and on the base of their current employment relationship. On the one hand, it has as a purpose the conservation of managerial employees with special abilities and qualifications as working consideration. On the other hand, it provides working incentives in order to achieve greater employees’ performance. Presumably, this scheme aims at the maximization of gains of the capitalized company (usually under the form of a “Société Anonyme”) and the greater advancement of her circle of operations.
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All of us at "KREMALIS Law Firm" join in saying you "thank you" and wishing you a Happy Holiday and prosperous New Year!   
  20 December 2013  
   

The new Income Tax Code.
With Law 4172/2013 established a new Income Tax Code in Greece with the goal of simplifying rules and the drastic limitation of the number of existing legal provisions in order to facilitate both citizens and business. This law replaces the previous Income Tax Code, Law 2238/1994 and will take effect, with certain exceptions, from the fiscal year 2014 and onwards.
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"ΤΑΥΤΟΤΗΤΑ" - The new bilingual publishing initiative.
"KREMALIS- Law Firm" supports the new bilingual publishing initiative "JOPA Communications agency & Magazin Drachme" (www.jopa-drachme.com) entitled "ΤΑΥΤΟΤΗΤΑ", a significant and promising effort, not only for Greeks expatriates in Germany but also for everyone abroad.
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