A contract aimed at strengthening cooperation between Greece and Japan in tax matters was signed today by the Minister of National Economy and Finance Kostis Hatzidakis and the Ambassador of Japan to Greece Yasunori Nakayama.
In particular, the Greece-Japan Double Taxation Convention (DTC) and the accompanying Protocol focus on the elimination of double taxation with respect to taxes on income, without creating opportunities for non-imposition of taxation or for reduced taxation through tax evasion or avoidance.
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Given that Double Taxation Agreements are the most important form of economic cooperation between two states, this Agreement is expected to act as an incentive for the further development of economic relations between Greece and Japan, providing a framework of fiscal transparency, stability and security, as in fact, the Convention reflects modern tax trends at an international level, based on the Model Convention of the Organization for Economic Cooperation and Development (OECD Model 2017).
“Japan is the third largest economy in the world. Too big an economy to be ignored by Greece. The Prime Minister himself has underlined this during his recent visit to Japan. The fact that we got investment grade from the Japanese rating agency R&I in the summer will bring us closer and facilitate more Japanese investments in Greece. This agreement that we are signing to avoid double taxation and which we will soon ratify in the Greek Parliament also brings us closer,” said the Minister of National Economy and Finance Mr. Kostis Hatzidakis after the signing of the Convention.
“It is a very important Convention that will encourage our economic transactions and investments. Mr. Minister contributed significantly to making today’s signing of the Convention possible, which we expect to enter into force within the next year, after the ratification process is completed. In this way, we are taking a step to further strengthen the bilateral economic relations between Japan and Greece”, said the Ambassador of Japan to Greece Mr. Yasunori Nakayama.
Present at the signing of the Agreement were the Deputy Minister of National Economy and Finance Mr. Haris Theocharis, the Secretary General of Tax Policy of the Ministry of National Economy and Finance Ms. Mary Psyllas, the Governor of the Independent Public Revenue Authority (AADE) Mr. Giorgos Pitsilis and the Deputy Chief of Mission of the Embassy of Japan Mr. Takaaki Nemoto.
The Ministry of Finance, in a complex international environment in which problems arise and new challenges are created by the ever-increasing economic interdependence between countries with different economic systems or different rates of development, expands and updates the existing network of these international Conventions, with the looking towards peace, stability and security through the deepening of the countries’ economic relations.