The exchange of diplomatic notes for the entry into force of the “Convention between Japan and the Hellenic Republic for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance” took place yesterday in Athens, Greece. This convention, signed on November 1, 2023, aims to enhance economic cooperation between Japan and Greece by preventing double taxation and reducing tax evasion.
The convention will officially enter into force on December 5, 2024, which is thirty days after the exchange of diplomatic notes. Its provisions will take effect in Japan for taxes based on taxable years beginning on or after January 1, 2025, and for taxes not based on taxable years levied on or after January 1, 2025. In Greece, the convention will apply to taxes withheld at source for amounts paid or credited from January 1, 2025, and to other taxes for periods beginning on or after that date.
Additionally, provisions regarding the exchange of information and assistance in tax collection will come into effect from December 5, 2024, regardless of when the taxes are levied. This agreement represents a significant step in strengthening bilateral relations and facilitating trade and investment between Japan and Greece.
