Tax provisions in the context of the PSI program and other provisions modifying the tax treatment of bonds – derivatives
Within the context of application of the tender for exchange of securities as part of the Greek debt restructuring programme (PSI) three legislative acts were recently enacted, i.e. Laws 4046/2012, 4050/2012, and 4051/2012. Such acts include the tax provisions governing certain tax issues that arise with respect to such program, but also introducing new aspects in what concerns taxation of bonds and derivatives in general. It should be noted that no interpretative guidance has been issued in respect of such provisions, and we do not exclude the possibility of further amendments in the near future.
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