In regard to yesterday's announcement of the Hellenic Federation of Enterpises (SEV), the Association of Members of the Athens Exchanges (SMEXA) notes that the Capital Gains Tax will ultimately be required to be paid by the small and medium investors, who are not capable of creating funds in third countries in order to avoid taxation, such as, for example, the investment scheme, in which the Chairman of SEV is involved, according to information published in the press and not yet denied.

Besides, it is common knowledge that the private banking divisions of the large domestic banks, which serve private Greek customers of high financial standing, in collaboration with law firms, recommend to their clients the creation of relevant investment schemes.

In addition to the above, Greek investors of high financial standing have the opportunity to open accounts in tax havens, such as Guernsey and Jersey, that could be served from Greece or England, since any incorporation in these tax havens is fictitious (provided that there is need merely for one administrator with no other employees). As a result, all of those investors with high financial standing will avoid paying the capital gains tax.

Also we cannot ignore the reality that emerged from the enforcement of Law 3606/07 (MiFiD) on November 1st , 2007.

According to MiFiD, Greek shares can be traded on any stock exchange or platform in the world and the transactions can be held either in the name of the investor through the Hellenic brokerage firms or in the name of a third person or through omnibus accounts. However, by making use of accounts of third persons or omnibus accounts, capital gains tax will be avoided. In this way, Greeks, usually of high financial standing, who open accounts in foreign banks or foreign brokerage firms, will be able to trade Greek equities within or outside the Athens Stock Exchange without having to pay capital gains tax. It is clear that with this new reality, it will be impossible even to identify any emerging capital gain.

Furthermore SMEXA points out to all market participants that the capital gains tax is a tax that hinders development, in a moment when our country is in need of new investments and taking into consideration that Greece is ranked last among the EU countries in attracting such new investments.

This measure will be another major disincentive for foreign investment among other disincentives, such as bureaucracy, more favourable tax environment in neighbouring countries-members of EU, etc.

SMEXA, which represents and serves 1.400.000 customers of its members, who invest in all Greek listed companies of all sectors and, also, the Union of Listed Companies, whose members are all the dynamic companies of the Greek economy operating in all sectors, both of which agreed with the statement of the Commission of the Athens Chamber of Commerce and Industry (ACCI), should not be considered as "guilds" or a team or an individual enterprise. Accordingly, it is unacceptable to consider as a guild the Commission of ACCI, which is the largest Chamber in the country, representing 80,000 active members.