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May 15, 2014

greece imposing 33% tax on their saviors

Filed under: Uncategorized — @ 12:00 a.m.
greece imposing 33% tax on their saviors

The tax imposed on such capital gains is 33% for legal entities and 20% for individuals. - Anna-Maria Widrig Giallouraki

Greece issued many bonds a few years ago while struggling to remain a going concern. Governments typically don't tax the earnings on the increase in value of the bonds, the notion being that not taxing those gains makes them a more attractive investment for certain classes of investors. Amusingly, this retroactive taxation only applies to foreign nationals or "non-resident legal entities".

Greece has reneged on this commitment, and is extending the time window when these taxes are viable backwards in time to ruin the profits of everyone who offered them succor when they looked ready to fall over for lack of lending. Isn't it entertaining to watch the Eurozone shudder apart under the inertia of its own bad decisions?

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