GCM welcomes Federal Government’s stance on tax treaty between Australia and Greece

·

The Greek Community of Melbourne (GCM) has long acknowledged that fairness in taxation and reducing the tax burden is essential for any Greek Australian wishing to invest in Greece.

The imposition of taxation by both countries when one invests in Greece has been an issue of concern at many levels for both countries. This includes most revenue inducing assets including inherited property etc.

The GCM has raised the issue with Government on a number of occasions and in late July, wrote to the Australian Treasurer, the Hon Josh Frydenberg specifically seeking movement on a Double Taxation Agreement (DTA) with Greece.

GCM president Bill Papastergiadis was delighted with the latest announcement by the Australian Government.

READ MORE: Melbourne’s Greek Community seek taxation agreement between Greece and Australia.

Papastergiadis met with Minister Sukkar in March 2021.

“We have been liaising with the Greek and Australian Governments on finding an equitable solution to the issue of people being taxed twice on any of their investments,” Mr Papastergiadis said.

“We met with Minister Sukkar in March 2021 and it is pleasing to receive a letter from Minister Sukkar on behalf of the Treasurer confirming that Australia and Greece will enter into bilateral tax treaty negotiations in 2022.”

A treaty between the two countries will have a profound effect on many levels. Firstly, it affects the plans of many Greek Australians who hope to one day retire in Greece without worrying about the treatment of assets from a taxation perspective.

More importantly, it makes Greek and Australian tax relations on par with over 40 other countries which in turn can only help trade relations.

Whilst it is not the only impediment to building on the rather anaemic $330 million of trade between Australia and Greece annually, it can only help but encourage further development. As a matter of context and whilst economies differ greatly, Italian trade with Australia sits at $11.1 billion annually, a significantly higher multiple than the Greek figure.”

READ MORE: Double Taxation Agreement between Greece and Australia only a matter of time.

A bilateral tax treaty between Australia and Greece will be negotiated next year.

The GCM applauded the statement from Minister Sukkar’s office that acknowledged that the Australian Government understands “the interest from stakeholders in a tax treaty between Australia and Greece and the benefits tax treaties can provide in reducing double taxation and encouraging trade and investment relationships,”

Mr Papastergiadis went on to say “any such treaty can only be a positive move that serves to strengthens the ties between our two countries.”

Mr John Tripidakis (Greek lawyer practising in Australia) who has been working with the GCM for the pursuit and establishment of the DTA, said that he is enthusiastic that both States decided to enter into long anticipated negotiations, but continued:

“The Greek Australian community has experienced specific unfair tax and legal issues when dealing with the two (different) tax systems simultaneously. These issues have to be specified, analysed and realistic proposals for their remedy need to be suggested.”

READ MORE: Betty Alexandropoulou on trade and double taxation agreement between Australia and Greece.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Trump leaves G7 summit early, putting Albanese meeting in doubt

US President Donald Trump has unexpectedly departed the G7 early, raising uncertainty over a planned meeting with Australian PM Albanese.

Israel and Iran carry out further strikes as hundreds of Australians plea for rescue

Israel and Iran have launched more missile attacks against each other, with Iranian state TV knocked off air after an Israeli strike Monday.

Ignite the Flame: AHEPA Australia champions Greek language at Blakehurst High

The Hellenic spirit was alive on June 13 as AHEPA Australia hosted an evening celebrating Greek language education at Blakehurst High School.

Tradition and youth celebrated at Laconian Federation of NSW event

The Laconian Federation of NSW brought the spirit of tradition and pride in youth together on Sunday, June 15, with a special event.

Greek and Jewish communities unite in Sydney to honour WWII heroines

Hellenic Lyceum of Sydney, in collaboration with the National Council of Jewish Women Australia, held a presentation on Greek WWII heroines.

You May Also Like

Stefanos Tsitsipas triumphs at 2022 Mubadala World Tennis Championships

Greek tennis player Stefanos Tsitsipas has won the 2022 Mubadala World Tennis Championships, defeating Russian champion Andrey Rublev.

Jason Demetriou sacked as South Sydney Rabbitohs head coach

South Sydney Rabbitohs head coach, Jason Demetriou has been sacked after multiple drawn-out meetings about his future at the club. Chair and South Sydney...

Traditional Greek Recipes: Lemon garlic lamb chops

If you're looking to make a dish that will have your family and friends craving for more, without spending endless hours in the kitchen,...