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Greek Community of Melbourne welcomes talks on double taxation treaty

The Greek Community of Melbourne (GCM) has welcomed planned talks between Australia and Greece on a double tax agreement (DTA) between the two countries.

In a statement Wednesday, the organization said it had received confirmation from Australia’s Assistant Treasury Minister Michael Sukkar that Australia and Greece will enter into bilateral tax treaty negotiations next year.

“Any such treaty can only be a positive move that serves to strengthen the ties between our two countries,” GCM president Bill Papastergiadis said.

A treaty between the two countries would affect the plans of many Greek Australians who hope to one day retire in Greece without worrying about the treatment of assets from a taxation perspective, GCM said.

Furthermore, it would make Greek and Australian tax relations on par with over 40 other countries which in turn can only boost trade ties, it said.

“Whilst it is not the only impediment to building on the rather anaemic $330 million of trade between Australia and Greece annually, it can only help but encourage further development,” it said.