Law 4839/2021: Amendments to Tax Legislation

The tax-free amount for gifts and parental benefits of any asset in kind, made from 01/10/2021 onwards, is increased to 800,000 euros for category A beneficiaries (indicatively between spouses, between parents and children, etc.). The above tax-free amount is also extended to gifts or parental benefits in monetary amounts paid to the aforementioned recipients via credit institutions. Additionally, it should be noted that any gifts or parental benefits made before 30/09/2021 are not taken into account when calculating this tax-free amount for any donations or parental benefits made after 01/10/2021. According to the explanatory note for the provision in question, gifts and parental benefits of up to 800,000 euros made from 01/10/2021 onwards will not be taken into account for calculating the inheritance tax due between these persons. As a result of the above, any gifts or parental benefits made before this date will continue to be taken into account when calculating inheritance tax. The capital accumulation tax rate is reduced to 0.5% (from 1%), and it applies to any tranS.A.ctions for which the tax liability arises after 01/10/2021. Reduced VAT rates are provided, among others, for certain agricultural products, processed foods and services provided by gyms and dance foundations. The reduced VAT rate for restaurants, tourism, etc. is extended until 30/06/2022.