Greece: Withholding tax of 20% for income from agreements with Athens Olympic Committee 2004

In December 2003 a new law containing specific tax provision for the period of the Olympic Games has been enacted (law 3207/2003).

This law regulates only the taxation of legal persons or individuals who acquire income from activities carried on in Greece during the Olympic Games within the framework of agreements signed with the Athens Olympic Committee 2004 or the Athens Olympic T.V. / Radio Company for the performance of the Olympic and Paraolympic Games.

Such income is subject to withholding tax at the rate of 20%. The tax is to be withheld by the Athens Olympic Committee 2004 or the Athens Olympic T.V. / Radio Company and is final.

It is also provided that the legal persons acquiring such income are not deemed to have a permanent establishment in Greece and therefore they are not obliged to keep books and accounts in Greece if their activity within the Greek territory is limited to the execution of the agreements with the Athens Olympic Committee 2004 or the Athens Olympic T.V. / Radio Company and if they do not hire resident or non-resident employees who are paid in Greece.

Apart from the above, there have been no other legislative developments and the taxation of the income realized by non-resident athletes during and from the Olympic Games in Athens has not been modified.

Editors note: further information may be found in the Greek chapter of the International Guide to the Taxation of Sportsmen and Sportswomen.