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  • Aviation

    ELC pioneered the liberalisation from the monopoly of air transportation related services in Greece, while also creating the foundation for the current ground services at the Athens International Airport and the other large airports throughout the country.

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  • Finance and tax

    In cooperation with certified accountants and tax consultants nationally and internationally, we can help you to sort out your finance assessment and make sure you can dispose of a proper evaluation of assets and of circumstances.

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  • General business law

    We are assisting in the creation of dozens of firms of different types for a variety of business purposes. We can help you to set up a proper structure according to your needs and assist you with a holding structure or an acquisition even on a small scale.

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  • High technology

    We are very active in providing legal assistance to new expanding sectors of High Technology. One of the world's most prestigious manufacturers of super computers and specialized applications, Silicon Graphics International, turned to us for all necessary legal coverage in the country.

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  • Labour law

    We feel it and we deal with it as very, very sensitive! Through our organised strategy we have proved successful in finding solutions that save our clients time and money.

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    Whether you would simply like a check on the registration of a trademark or you wish to register a name, design or patent in Greece, Europe or even Worldwide, our experience and organisation can help you efficiently.

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  • Private and family law

    When your private life gets complicated, ELC can help. We have dealt with many cases and know how to find the best solutions offered in Greece and around the world.

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    Dozens of land and property buyers have entrusted us with their significant investments. From negotiating to contract preparation and registration, we take care of all your paperwork from A to Z.

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Welcome to the European Legal Consultancy

For comprehensive legal services... think ELC

ELC is one of an exciting new breed of law firms, combining local expertise with an international network of like-minded professional associates.

ELC has extensive legal experience across a broad range of sectors. We offer multi-lingual capabilities to compliment our wide range of specialist services for both commercial enterprises and private individuals. After many years of work and experience, ELC has created a solid, worldwide clientele.

We embrace cutting edge technology which keeps us up-to-date and links us seamlessly with all major domestic and international institutions - including bailiffs, court registrars, international organisations and the European Commission - but we never forget the importance of regular face-to-face meetings.

Our pricing is fully inclusive, honest, and transparent, with no hidden extras.

We are happy to offer you an initial consultation and quotation completely free of charge. Contact us now to find out more about how we can help.

Your visit to this web site and our exchange of correspondence do not imply acceptance by our Law firm to handle or to defend your case.

The taxation of multinationals: towards harmonization after a global agreement

I- Presentation of the new tax

A novelty in the world of taxation: on July,2021, an agreement was reached at the Organization for Economic Cooperation and Development (OECD) concerning the harmonization of a global corporate tax. This was also confirmed by the end of October 2021 at the G20 summit  After negotiations nearly 130 states have agreed to reform the taxation of multinationals based on two pillars: on the one hand a new distribution of rights to tax that would no longer tax exclusively according to the location of the headquarters of the company. On the other hand, a minimum tax rate of 15% on profits would be introduced. This would affect companies with a turnover of at least 750 million euros, this reform is mainly aimed at GAFAM companies (Google, Apple, Facebook, Amazon and Microsoft).

Even if several countries considered as tax havens have approved the agreement, some countries do not hide their reluctance. This is the case of Ireland and Hungary, which have not signed the declaration and find the minimum rate too high compared to their applied rate.

As for Switzerland, the Federal Department of Finance has announced that it will join under certain conditions and is asking for recognition of the "interests of small innovative countries".

The consequence for these countries, including Switzerland, would obviously be economic.

This tax harmonization would be applicable to all multinationals, which would be taxed in the same way from now on, but this would not have the same economic repercussions for the countries that apply it. This agreement is also denounced, notably by the NGO Oxfam, because it would only benefit rich countries.

On the other hand, this agreement is welcomed by several countries, the French Minister of Economy, Bruno Le Maire, and the German Minister of Economy, Olaf Scholz, recognize the importance of this global agreement for a better tax justice. Indeed, it allows a better distribution of profits between the countries where these large companies make them and those where they are located.

II- Consequences of the new tax

The entry into force of such a measure is expected for 2023. In practice, the introduction of a minimum tax of 15% would allow the home country of the company to collect the tax in the case where the company is taxed at less than 15% in another country. For example, a German company taxed at 9% in Hungary would be required to pay 6% to the German state.

At the European level, this reform will prevent tax evasion, which would have cost European countries 80 billion in lost tax revenue by 2020.

In this sense, this agreement has repercussions for the states that have not signed it. As a result of the standardized tax rate, countries with lower taxes could suffer a strong relocation of companies that have no more tax interest in locating precisely in these countries.

Our firm specialized in tax matters is at your disposal for

any questions or requests for assistance on this subject.


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