Political turmoil over off-shore article amendment

Political turmoil over off-shore article amendment

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All opposition parties have expressed their frustration over the new amendment made by SYRIZA-ANEL government regarding the article 178 of the omnibus bill passed in Greek parliament a few days ago.

As revealed by Proto Thema newspaper, according to that amendment, MPs and ministers are allowed to own offshore companies as long as their headquarters are located in tax cooperating countries, even if these countries are the so-called ‘tax havens’, like the Cayman Islands.

Opposition parties believe that the amendment submitted conceals a political expediency giving the opportunity to SYRIZA-ANEL government to own offshore companies, while at the same time ‘decriminalizing’ previous offenses, since the latest favorable provision prevails over the previous one.

Before the amendment, the law in question provided in a clear way, that ministers and MPs are not allowed to participate in offshore companies, i.e. companies with headquarters in countries that are not tax cooperating, have preferential tax regime and ensure tax evasion.

However, this amendment provides that the MPs and ministers are allowed to participate in offshore companies as long as their headquarters are located in tax cooperating countries.
Therefore, from now on, MPs and ministers will be allowed to own offshore companies in countries with preferential tax regime, dubbed as ‘tax havens’ including, British Virgin Islands, Bermudas, the Cayman Islands, the Isle of Man, where tax rates range from 50% to 100% lower than Greece’s taxation rates.

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