August's Monthly Tax Briefing covers recent developments in tax legislation, in relation to Law 5130/2024 on Source of Funds Declaration.
1. By way of Law 5130/2024 (Government’s Gazette Bulletin A’ 127/01-08-2024) amendments were introduced to the legislation with regard to the submission of Source of Funds Declarations (SoFD) to the Greek State by liable natural persons.
2. In particular, the new provisions provide that SoFDs are completed electronically and information will be populated automatically through the www.pothen.gr (Pothen) application, which implements interoperability of individual electronic data and information systems maintained by public bodies, financial institutions, credit institutions and the General Commercial Register.
3. SoFDs must be completed on the Pothen application, which automatically populates data through interoperability to the extent that this is feasible. Where data cannot be completed automatically through interoperability, obligated parties must complete the relevant fields fully and correctly and attach any relevant supporting documents.
4. The new regulations significantly facilitate the process of completing SoFDs as the form will be populated automatically through the electronic application and supporting documentation attached in the same way.
5. Obligated parties will no longer be required to collect data for the declaration, such as certificates from each bank for account balances, credit cards, company participations, safe deposit boxes, precious metals and loan obligations, as this information will be automatically collected through relevant electronic systems. Obligated parties will have the opportunity to make corrections, amendments, additions and deletions and to submit comments on any pre-filled entries with which they do not agree, as well as to attach relevant data.
