The tax on OTC transfers is calculated as follows:

• For settled OTC transactions upon a Participant instruction, the sales tax is calculated on the sell value of the shares' sales, as registered by the Participant acting on behalf of the Seller who has the relevant obligation. In cases where the transaction does not carry a sell price, the value is calculated on the basis of the closing price on the transaction date.
• For settled OTC transactions upon a beneficiary instruction, the sales tax is calculated on the sell value. The sell value is regarded as the highest between the value stated in the relevant sale agreement submitted to ATHEXCSD and the value resulting from the multiplication of the share Closing Price, on the same day as this of the relevant sale request filing (transaction date), with the number of shares transferred.

The sales tax shall not be levied where an exemption is provided for under special provisions.

 * Late / non-payment of sales tax is subject to fines based on the provisions of art. 9 para. 2 of Law 2579/1998, as amended and in force.

* Late / non-payment of sales tax is subject to fines based on the provisions of art. 9 para. 2 of Law 2579/1998, as amended and in force. 

OTC borrowing of equities listed on the Athens Stock Exchange (ATHEX) is taxed in accordance with Article 4 (4) of Law 4038/2012 at a rate of 0.2% and is borne by the lender, irrespective of whether it is a natural or legal person, domestic or foreign. This tax is calculated on the value of the equities borrowed. ATHEXCSD collects the tax from the Participants and attributes it to the Greek State.

• Capital gains resulting from transferable securities transfers shall be taxed at a rate of 15% only for natural persons, provided that such transfers do not constitute business activity.
• The capital gains arising from the exchange of Greek Government bonds or corporate bonds guaranteed by the Greek State with other transferable securities under the PSI are exempt from capital gains tax.
• Capital gains from the transfer of securities include, among others, listed companies shares if the transferor holds at least 0,5% in the share capital of the company, shares in non-listed companies, Government and Corporate Bonds, Treasury Bills and Derivative Financial Instruments, which are indicatively identified.
• Goodwill or capital gains refers to the difference between the price paid for the redemption and the transfer price received, including any costs directly related to the securities purchase and sale.

• A loss arising from the transfer of transferable securities may be transferred for the following 5 years (for natural persons only) and be offset only against future profits arising from the transfer of transferable securities. In order to determine the final result (profit or loss) from the above transfers, the algebraic sum of the transactions taxed as capital gains from the transfer of securities and have taken place within the same tax year is taken.
• The above income categories are included in the income from business activities of legal persons and legal entities and are taxed in accordance with the relevant provisions.
• In any case, the provisions of the various Double Taxation Treaties ("DTT") shall prevail over the provisions of domestic law, which shall apply in the absence of a relevant DTT or, if any DTT applied, does not provide for more favorable tax treatment.

For transfers due to Donation, Parental Benefit or Inheritance Succession, for the fulfillment of the respective tax obligation a declaration of the liable party is required to be made to the relevant Tax Office and the receipt of the certificate referred to in Article 105. The tax may also be paid to the Tax Office through withholding from the bank, securities company or the persons or entities that keep the assets.