Euronext Securities Athens has issued instructions implementing a tax exemption for share sales involving three Greek shipping companies, eliminating a 0.1% transaction levy in a move that could benefit investors and boost trading activity.
Shares of Capital Maritime Finance, Safe Bulkers and Star Bulk Carriers closed higher Wednesday following reports that transactions involving the three companies would be exempt from Greece’s share-sale tax.
Euronext Securities Athens, the central securities depository responsible for settling transactions in the Greek market, notified brokerage firms, banks and custodians that the exemption takes effect Oct. 21, 2026.
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The exemption applies based on the settlement date rather than the date investors place their sell orders. For transactions settled through Greece’s dematerialized securities system, the exemption will be applied automatically, without requiring brokers to submit separate declarations.
Financial intermediaries must nevertheless update their systems and procedures to ensure clients aren't incorrectly charged the tax. Transactions settled outside Greece's domestic securities infrastructure face additional reporting requirements.
In such cases, intermediaries responsible for calculating the tax must explicitly identify exempt transactions in the tax-reporting files submitted to Euronext.
The depository has instructed its participants to communicate the changes throughout their custody networks, including international banks and custodians handling transactions for foreign investors.
To facilitate implementation, Euronext has published an unofficial English translation of the relevant circular issued by Greece's Independent Authority for Public Revenue, alongside updated technical documentation and guidance for transactions settled outside its system.
The exemption also raises the possibility of refunds for investors who previously paid the levy when selling shares in the three shipping companies.
Euronext clarified that the Oct. 21 implementation date doesn't necessarily prevent investors from recovering taxes paid on earlier transactions, provided those trades qualify under the applicable legislation.
However, the refund mechanism remains unresolved.
Euronext said it would issue further instructions detailing the application process, required documentation and deadlines, in accordance with guidance from Greek tax authorities.
