Tax-i 154: Conseil d' etat decision for "closed" tax cases by virtue of a tax certificate and restart of operation of the central beneficial owner registry

Α. Conseil d’ Etat decision

The Conseil d’ Etat ruled, in the frame of a “pilot hearing”, (decision Nr. 320/ 2020) that a re-audit by the Tax administration is not lawful for financial years, for which a tax certificate has been issued without remarks and have been finalized under the conditions of Circular 1159/ 2011.

Specifically, the court decided, among others, that the subsequent Circular 1034/ 2015, which set the retroactive reversal of finalized tax cases by virtue of the Circular 1159/ 2011 was unlawful, due to the lack of legislative authorization. The court also ruled that such reversal would contradict the principles of legal certainty and protection of the justified trust of the taxpayer, as a re-audit by the tax administration is excluded based on the below conditions of the previous Circular 1159/ 2011 (which was expressly characterized by the court as constitutional):

(a) Annual tax certificate without remarks,

(b) Lapse of 18 months from the submission of the tax certificate, without a tax audit by the administration [performed within said period] identifying any breaches and

(c) Lack of data or indications for serious violations e.g. for money laundering, receipt/ issuance of false/ fictitious records etc.

The above court decision concerns financial years until 2013.

Β. Restart of operation of Central Beneficial Owner Registry

The Central Beneficial Owner Registry is set again in operation and the electronic registration for all liable entities should be performed from 3/3/2020 until 1/5/2020.

You can download the Tax-i in pdf file here.

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