G. Kefalas – Digital Transaction Duty (DTT) vs Stamp Duty (SD) – The Key Differences In Light Of The Recent Circular E. 2094/2025

Summary: With Law 5135/2024, the Digital Transaction Duty (DTT – ΨTΣ) was introduced, replacing the now outdated Stamp Duty (SD – ΤΧ), which had been imposed on the document by which a contract or act was executed, as well as on entries in companies' accounting books. Although in many respects the DTT regime does not deviate from the corresponding rules that applied under SD, certain differences can be identified in specific transactions. In this article we present the most important of these divergences in the context of a business's activity.

1. Introduction

With Law 5135/2024 (Articles 3–33), the Digital Transaction Duty (DTT – ΨTΣ) entered into force in order to replace Stamp Duty (SD – ΤΧ). According to the transitional provisions of the law, DTT is imposed on acts, contracts and transactions concluded or carried out after 1.12.2024, whereas transactions concluded up to 30.11.2024 continue to be subject to SD. Consequently, the tax assessment for these latter transactions will be made in accordance with the SD provisions.

Subsequently, the provisions of Articles 3–33 of Law 5135/2024 were codified by Law 5177/2025, which now constitutes the Indirect Taxes Code. The provisions on DTT are found in Articles 1–31 of the said law. Recently, Circular E. 2094/2025 was also issued, entitled "Provision of clarifications regarding the application of the Digital Transaction Duty pursuant to the provisions of Law 5177/2025".

In a previous article, we have already analysed the differences introduced by the law on DTT in relation to loans, current accounts with reciprocal debits/credits, and deposits/withdrawals compared with the regime under SD (see here).

In this article we focus on the differences of DTT compared to SD and present important acts of corporate and, more generally, business life, for which changes were introduced with DTT.

2. Significant changes introduced by DTT

• Perhaps the most important difference between DTT and SD lies in the fact that marking/stamping of a document is no longer required. As also stated in Circular E. 2094/2025: "The Duty is imposed on transactions/acts, whether they are concluded in hard copy, electronically, or evidenced in any other manner."
• Furthermore, the principle of territoriality is now lifted, in the sense that the place of execution of documents is no longer relevant for the imposition of DTT. DTT is imposed irrespective of where the transaction took place or the contract was concluded or performed, provided that one of the parties has tax residence or a permanent establishment in Greece (on the condition that the transaction is connected with the activity of the permanent establishment).

The following sets out certain acts/transactions, the taxation of which has undergone significant changes with DTT from 1.12.2024 compared to the SD regime.

• Debt forgiveness

Under the previous regime, no SD was due provided that the relationship to which the debt forgiveness agreement referred had been subject to the appropriate ad valorem SD or was exempt under a statutory provision from SD or was subject to VAT or any other tax.

Under the new regime, DTT is imposed autonomously on the debt forgiveness agreement, i.e., even if it αφορά a relationship that has been subject to DTT or is lawfully exempt from DTT or is subject to VAT or any other tax.

Accessory agreements

• Mortgage

Under the SD regime, SD was imposed in the case of registration of a mortgage based on private will, under the following distinctions:

1. If the mortgage was agreed in the same document as the principal contract, no SD was imposed on the accessory mortgage agreement; however, the principal contract was mandatorily subject to ad valorem SD of 3.6%.
2. If the mortgage was agreed in a document separate from the principal contract, SD was imposed on the accessory mortgage agreement equal to the difference between SD at 3.6% and the SD with which the principal contract had been stamped. In other words, for a principal contract accompanied by registration of a pre-notation of mortgage (προσημείωση υποθήκης – a provisional security right under Greek law), total SD of 3.6% had to be paid.

Under the new regime, the accessory mortgage agreement is subject to DTT at 2.4% or 3.6%, depending on the subject matter of the principal contract, and only if the DTT corresponding to the principal contract has not been paid. The basis for calculation of DTT is the subject matter of the principal contract (e.g., if the right to register a mortgage is granted up to the amount of EUR 600,000.00 to secure a claim from a loan of EUR 500,000.00, the DTT calculation basis will be the amount of EUR 500,000.00), unless the principal contract is exempt from DTT or falls outside the scope of DTT, in which case the accessory mortgage agreement will not be burdened with DTT.

Specifically, however, in the case of mortgage registration or conversion of a pre-notation into a mortgage based on law or a court decision, the applicable rate is 3.60% and DTT is due in every case, regardless of whether the initial contract was subject to DTT and exempt therefrom or subject to another tax.

• Penalty clause and earnest money

The forfeiture of accessory agreements does not fall within the scope of DTT. By contrast, under the SD regime, accessory agreements were, upon forfeiture, subject to ad valorem SD in cases where the principal contract was also subject to ad valorem SD.

• Assumption of debt and assignment of claims

Assumption of debt and assignment of claims are subject to DTT as specifically provided in Article 13 of Law 5177/2025. Indeed, as was also the case under the SD regime, these contracts are autonomous and are subject to DTT irrespective of whether their economic object had previously been subject to DTT or not, or was exempt from DTT, or was subject to VAT or another tax.

If, however, the assumption of debt or assignment of a claim is made to secure another act or transaction, it constitutes an accessory agreement and, therefore, the rules on accessory agreements apply. Finally, as clarified in Circular E. 2094/2025, DTT covers privative assumption of debt, whereas it does not cover cumulative assumption of debt under Article 477 of the Greek Civil Code.

• Settlement

Under Article 14(1) of Law 5177/2025, DTT is now calculated "on the agreed amount, when the contract agrees a monetary amount that one party owes to the other, in the context of amicable settlement of the dispute." This is also confirmed by Circular E. 2094/2025, which states that: "It is calculated on the amount agreed as due and not on the amount initially claimed."

Thus, under the new regime, the tax burden is reduced in the case of a settlement agreement. In any event, in the case of settlement involving mutual counterclaims, each settlement act for each claim is examined separately. The party subject to and liable for remitting DTT is the debtor of the settled claim.

• Set-off

In the case of set-off, SD was due at a rate of 3.6% or 2.4%, depending on the statutory distinctions, where the acts from which the claims extinguished by set-off arose constituted an object of SD but had not been lawfully subjected to ad valorem SD. SD was calculated on the amount of each of the offset claims.

Set-off is not included among the cases of DTT imposition under Law 5177/2025, with the result that the act of set-off does not fall within the scope of the said duty.

• Issuance of an enforceable copy

In the case of issuance of an enforceable copy of a court decision or a payment order, no apografo duty (SD) was due if the corresponding SD had been paid upon execution of the transaction from which the claim arose, or if that transaction was exempt from SD, or if it had been subject to VAT.

A corresponding formulation is also found in Circular E. 2094/2025, which notes that: "It is highlighted that the subjection of the enforceable copy to the Duty or its exclusion therefrom depends on whether the principal contract as a consequence of which the enforceable copy is issued had been subject to the Duty or to stamp duty or had been lawfully exempt, or falls outside the scope of the Duty, or falls within the scope of another tax or duty as provided in paragraph 3 of Article 2."

However, the law appears to exclude very specific cases, providing in Article 28(2) that: "No Digital Transaction Duty is paid for the issuance of an enforceable copy, when the enforceable title concerns: (a) disputes relating to bills of exchange and promissory notes to order, (b) disputes relating to loans granted by the Deposits and Loans Fund, (c) a decision on restitution of a thing, (d) awarded court costs."

Based on the interpretation given in Circular E. 2094/2025, ultimately whether issuance of an enforceable copy is subject to DTT will depend on whether the principal contract, for which the enforceable copy is issued, had been subject or not to DTT or SD, or was lawfully exempt, or falls outside the scope of the Duty.

• Loan for use (commodatum)

The contract of loan for use was subject to SD at 3.6% or 2.4%, under Articles 13(1)(a) or 15(1)(a) of the Stamp Duty Code, respectively, depending on the status of the contracting parties, provided that the contract was concluded in writing. SD was calculated on the market value (for movables) or the objective value (for immovables), while more specific provisions applied depending on whether the loan for use was for a definite or indefinite term.

Under the new regime, the loan for use is not subject to DTT, as the comodatum agreement is not listed in the law among the acts/transactions subject to DTT. This is also clarified in Circular E. 2094/2025, which states that: "Furthermore, it is clarified that from 01/12/2024, significant transactions that were burdened with stamp duty are excluded from the Duty, such as indicatively: the loan for use [...]".

• Contractual interest on loans and credit facilities

From 1.12.2024 onwards, contractual interest on loans and credit facilities falls within the scope of VAT and, as such, is exempt from DTT. Consequently, contractual interest arising from loans entered into by 30.11.2024 and paid after 1.12.2024 is no longer subject to SD and is excluded from DTT. The criterion for not imposing DTT, as clarified in Circular E. 2094/2025, is the time of payment of the interest.

By contrast, default interest, as well as statutory interest (interest awarded by a court decision or arising from enforceable copies), is normally subject to DTT.

• Other differences between DTT and SD

Further differences between DTT and SD are also set out in item 4 of Section A of Circular E. 2094/2025, which notes that: "Furthermore, it is clarified that from 01/12/2024, significant transactions that were burdened with stamp duty are excluded from the Duty, such as indicatively: the loan for use, the building delivery document, the assignment of a building permit, the establishment and increase of capital of non-profit legal persons/entities, banks' documentary credits in favour of importers, the withholding of stamp duties in the case of forfeiture e.g. of a bank guarantee in favour of the Greek State or a third party, the fixed stamp duties in certain administrative acts, such as marriage licences and professional practice licences, as well as transactions in which stamp duty of 2.40% or 3.60% was imposed on withholdings involving public law legal persons or the State, such as stamp duty on withholdings in favour of the National Organisation for Medicines, the Court Buildings Financing Fund and the Single Public Procurement Authority (EAΔHSY). Also provided is the non-imposition of the Duty on transactions which were burdened with stamp duty, such as contractual interest on loans and credit facilities (Art. 7(5)), since from 01/12/2024 they fall within the scope of the VAT Code. Furthermore, an exemption is introduced for loans where the Duty amount arising exceeds EUR 150,000 per loan (Art. 7(4)), as well as for current accounts with reciprocal debits/credits where the Duty amount arising exceeds EUR 150,000 per tax year (Art. 8(3)) and for the amount of the Duty exceeding EUR 150,000."

3. Conclusion

Despite the similarities that largely exist between SD and DTT, significant differences can also be identified, both in matters of scope and procedure and in relation to specific acts and transactions. In any case, the recent Circular of the Independent Authority for Public Revenue (IAPR) E. 2094/2025 is a useful tool which helps highlight the distinctions between the two regimes.