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Ευθυμιάδης, Φορολογία εταιρειών - Συγχώνευση...
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Βασ. Π. Ευθυμιάδης, Φορολογία εταιρειών και Οικονομική Ανάπτυξη: Η περίπτωση της συγχώνευσης επιχειρήσεων (Διατριβή MSc2010, Πανεπιστήμιο Μακεδονίας)
Transcript of Ευθυμιάδης, Φορολογία εταιρειών - Συγχώνευση...
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1.1.1 .... 1.1.2 .. 1.1.3 . 1.1.4 ..... 1.1.5 ....
1.2 .. 1.2.1 .. 1.2.2 . 1.2.3 .
1.3 1.4 ...
1.4.1 .. 1.4.2 . 1.4.3 . 1.4.4 .. 1.4.5 . 1.4.6 ..... 1.4.7 .....
1.5 1.6 ...
1.6.1 ..... 1.6.2 .... 1.6.3 ... 1.6.4 ..... 1.6.5 ... 1.6.6 1.6.7 1.6.8 ..
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2 2.1 ........... 2.2 .......................... .......... 2.3 .............. 2.4 ..
2.4.1 ... 2.5 ....
2.5.1 ... 2.5.2 ...
2.5.2.1 ........ 2.5.2.2 ... 2.5.2.3 .. 2.5.2.4 2.5.2.5 ..
2.6 ....
3 3.1 ......................................................................... 3.2 ... 3.3 . 3.4 .................................
3.4.1 .... 3.4.2 ...
3.5 . 3.5.1 ... 3.5.2 .....
3.6 . 3.7 ...
3.7.1 .. 3.7.1.1 .. 3.7.1.2 ... 3.7.1.3 ...
3.7.2 .... 3.7.2.1 . .... 3.7.2.2 .. 3.7.2.3 .. 3.7.2.4 3.7.2.5 ....
3.8 ......
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181 40 . 3 N. 2190/1920.
182 40 . 1 3 N. 2190/1920.
183 44 N. 2190/1920.
-
:
42
.
, ,
.
,
. ,
. ,
,
.
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. ,
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,
. 2190/1920. ,
(1/3 ), . , . 25 . 1 . 2238/1994,
, .
1.6.5. ,
, () (). , ,
184
. 185:
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184 45 . 1 N. 2190/1920.
185 44 . 2 N. 2190/1920.
-
:
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,
35% , .
,
,
,
. ,
,
.,
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186.
1.6.6. .,
.., 187
.
,
, ,
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. .
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186 45 . 2 N. 2190/1920.
187 7 . 1 N. 2190/1920.
-
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, (5) .
188.
. .
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:
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189
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(2/3) (2/3)
190.
, ,
191
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192.
188 13 . 1 N. 2190/1920.
189 4 . 3 N. 2190/1920.
190 31 . 2 N. 2190/1920, 28 409/1986
( 40 ). 191
4 . 5 N. 2190/1920. 192
8 . 6 N. 2190/1920.
-
:
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.
, ,
, 10% .
193
.
,
. ,
.
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, ,
194
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, . ,
, 195
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196.
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193 4 . 4 N. 2190/1920.
194 4 . 4 N. 2190/1920.
195 47 . 1 2 N. 2190/1920.
196 47 N. 2190/1920.
-
:
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, ,
.197
.
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200
.
. . ,
201
.
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197 47 . 4 N. 2190/1920.
198 48 N. 2190/1920.
199 48, . 1 N. 2190/1920.
200 47 . 3 N. 2190/1920.
201 49 . 3 7 N. 2190/1920.
-
:
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202
.
, ,
.
(4) ,
, .
, ,
203
.
204
.
. ,
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205
.
202 49 . 1 N. 2190/1920.
203 49 . 4 N. 2190/1920.
204 49 . 4 N. 2190/1920.
205 49 . 5 N. 2190/1920.
-
:
48
2
2.1.
,
.
, .
,
. -
. ,
,
:
.
, , , ..
.
.
.
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, 206:
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206 . (2003), , . 209.
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, 207
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208
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,
.
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207 . (1986), , . 197 202.
208 http://topa.panteion.gr/modules/module_8031/lecture_10.pdf [ 23 2009].
209 . (2003), , . 211.
-
:
50
, ,
.
,
. ,
, ,
, ,
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-
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51
(. XVI, . 4), 6 .. , , 1/10 .
,
,
, .
,
.
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Adam Smith (1776), , (4) :
.
Adam Smith, . .
.
,
.
Adam Smith ,
, ,
.. .
,
,
.
-
:
52
2.3. ,
. . (2003),
210:
,
.
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210 . (2003), , . 209 210.
-
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53
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,
. ,
211
.
90/435/ 23 1990,
,
.
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, , ,
212
.
211http://europa.eu/legislation_summaries/taxation/index_el.htm [ 11 2009].
212http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31990L0435:EL:HTML [ 28 2009].
-
:
54
90/436/ 20 1990,
,
213
.
2003/49/EC 3 2003,
.
,
, ,
214
.
2.4.1. ..,
10% , 35% . ,
215 ,
216:
1. : 25% . 2. : ,
. 33%, 3%
. 33,99%. 3. : .. 10%.
.
4. : 33,33%. ,
.
213http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:41990A0436:EL:HTML [ 28 2009].
214http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2003:157:0049:0054:EN:PDF [ 28 2009].
215www.worldwide-tax.com [ 22 2009. 1 2009]. 216http://sup.kathimerini.gr/xtra/media/files/meletes/epix/meri160908.pdf [ 22 2009].
-
:
55
5. : , 25% 2007 15% 2009. ,
33%. , 1 2009
26,375%. , .
6. : , . , 28% 2007 25% 2009.
,
28%, .
7. : 21% . 8. : 2007,
30%. 1 2008, 28%.
(300.000 ) , 20% 21%. .
.
9. : 12,5%. 1998, 31 2010, 10%.
10. : 35% 30%. , 18%,
.
11. : 33% 2006 27,5% 2009. 3,9% , 31,4%.
,
20% 25% 2% 5% , 12,5%. , 40% , .
-
:
56
12. : 10%. ,
. , 2001 2005 4,25%, .
,
15%. , .
13. : , 15%. ,
, ,
10%. 14. : 20% .
15. : , 21% .
,
,
.
, 15%, .
16. : , 35%.
17. : 25,5% . 18. : , 16%. 19. : 19%. ,
19%, .
20. : (12.500 ) , . ,
25% 1,5%, 26,5%. , , ,
.
-
:
57
21. : ,
16%. 22. : ,
19% . ,
, .
23. : , 23% 2007 21% 2009.
24. : 28% 2006, 26,3% , 2009.
25. : , 20%. 26. : ,
26%. , 19%, .
2.5. ,
. ,
.
2.5.1. 17 31 . 1676/1986, 1
1987 , 1%
.
217
.
, 218:
217 17 . 1676/1986.
218 18 . 1676/1986.
-
:
58
, (, , ...). , .
,
,
.
.
, .
,
.
.
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.
.
:
.
,
.
,
.
,
,
.
-
:
59
219
,
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2.5.2. ,
. 3843/1958. .1640/1919, ,
.
,
, . 1955 .. 3323, 1958 . 3843, , .
1989, .. 129
. , ,
, . 2238/1994.
2.5.2.1. 2008,
20% , .
,
219 1328/1965 , , 718, 2009, . 288.
-
:
60
50% . .
, . 3296/2004 1016/2005, .
,
.
, ,
,
, , .
2.5.2.2. .2065/1992, ... ,
,
220
.
.2065/1992, ... 35%, .
.
1 2003,
221 , .
2008, ... 25% . , ,
,
, .
220 31 . 3323/1955.
221 8 . 3091/2002.
-
:
61
2.5.2.3. ..
,
,
., / . .. ,
, .
.2065/1992 ..
.
,
, , . .
,
..
222
.
109 . 2238/1994, .., 35% 2005, 32% 2006 29% 2007. 2008, .. 25%.
, . 1 18 . 3697/2008, .., . ( ), ..,
10%. T .. 1 2009. ,
, , .
222 ... - ... (2009), , 718, 2009, . 132.
-
:
62
2.5.2.4.
(250.000 ). , :
223
, : 250.000 x 50% = 125.000 : 125.000 x 50% = 62.500 %
10.500 0 0 0 1.500 15 225 225
18.000 27 4.860 5.085 32.500 37 12.025 17.110
, , ,
125.000 x 20% = 25.000
+ +
17.110 + 17.110 + 25.000 = 59.220 : 250.000 - 59.220 = 190.780
...
250.000 x 25% = 62.500224 : 250.000 62.500 = 187.500
.. 225
= 250.000 x 25% = 62.500 10%
187.500 x 10% = 18.750
+
62.500 + 18.750 = 81.250 : 250.000 - 81.250 = 168.750
223 1 : 50% . .
225 2 : T 1/3 .
-
:
63
(500.000 ). , :
226
, : 500.000 x 50% = 250.000 : 250.000 x 50% = 125.000 %
10.500 0 0 0 1.500 15 225 225
18.000 27 4.860 5.085 45.000 37 16.650 21.735 50.000 40 20.000 41.735
, , ,
250.000 x 20% = 50.000
+ +
41.735 + 41.735 + 50.000 = 133.470 : 500.000 - 133.470 = 366.530
...
500.000 x 25% = 125.000 : 500.000 - 125.000 = 375.000
.. 227
= 500.000 x 25% = 125.000 10%
375.000 x 10% = 37.500
+
125.000 + 37.500 = 162.500 : 500.000 - 162.500 = 337.500
226 1.
227 2.
-
:
64
,
(1.000.000 ). , :
228
, : 1.000.000 x 50% = 500.000 : 500.000 x 50% = 250.000 %
10.500 0 0 0 1.500 15 225 225
18.000 27 4.860 5.085 45.000 37 16.650 21.735
175.000 40 70.000 91.735 , , ,
500.000 x 20% = 100.000
+ +
91.735 + 91.7385 + 100.000 = 283.470 : 1.000.000 - 283.470 = 716.530
...
1.000.000 x 25% = 250.000 : 1.000.000 - 250.000 = 750.000
.. 229
= 1.000.000 x 25% = 250.000 10%
750.000 x 10% = 75.000
+
250.000 + 75.000 = 325.000 : 1.000.000 - 325.000 = 675.000
228 1.
229 2.
-
:
65
(2.000.000 ). , :
230
, : 2.000.000 x 50% = 1.000.000 : 1.000.000 x 50% = 500.000 %
10.500 0 0 0 1.500 15 225 225
18.000 27 4.860 5.085 45.000 37 16.650 21.735
425.000 40 170.000 191.735 , , ,
1.000.000 x 20% = 200.000
+ +
191.735 + 191.735 + 200.000 = 583.470 : 2.000.000 - 583.470 = 1.416.530
...
2.000.000 x 25% = 500.000 : 2.000.000 - 500.000 = 1.500.000
.. 231
= 2.000.000 x 25% = 500.000 10%
1.500.000 x 10% = 150.000
+
500.000 + 150.000 = 650.000 : 2.000.000 - 650.000 = 1.350.500
230 1.
231 2.
-
:
66
,
(4.000.000 ). , :
232
, : 4.000.000 x 50% = 2.000.000 : 2.000.000 x 50% = 1.000.000 %
10.500 0 0 0 1.500 15 225 225
18.000 27 4.860 5.085 45.000 37 16.650 21.735
925.000 40 370.000 391.735 , , ,
2.000.000 x 20% = 400.000
+ +
391.735 + 391.735 + 400.000 = 1.183.470 : 4.000.000 1.183.470 = 2.816.530
...
4.000.000 x 25% = 1.000.000 : 4.000.000 1.000.000 = 3.000.000
.. 233
= 4.000.000 x 25% = 1.000.000 10%
3.000.000 x 10% = 300.000
+
1.000.000 + 300.000 = 1.300.000 : 4.000.000 1.300.000 = 2.700.000
232 1.
233 2.
-
:
67
2.5.2.5. ,
,
(500.000 ) . ,
.., ... .
1.
() () ... ..
250.000 190.780 187.500 168.750 500.000 366.530 375.000 337.500
1.000.000 716.530 750.000 675.000 2.000.000 1.416.530 1.500.000 1.350.000 4.000.000 2.816.530 3.000.000 2.700.000
2.6. ,
.
. ,
,
.
. ,
. ,
,
234
.
234 . (2008), , . 6.
-
:
68
(2008)235, (30) . (20) , 30%
. ,
74% ,
4%. , 99,5% ( 5 ), (6.100 ) , (2.400 ) . ( 2009), 25% 37%.
. (2008)236, ,
.
10% , , 1%,
:
p x f > g
:
p =
f =
g =
235 Epsilon 7, 573, 2009, . 8.
236 . (2008), , , 176, 2008, . 11.
-
:
69
3
3.1. ,
.
. ,
237
.
,
. Vaara E. (2000) ,
.
, .
238
.
. Marchildon G. (1991) ,
239
.
. Reuters (1982) ,
237 68 N. 2190/1920, 9 409/1986.
238 Vaara E. (2000), Constructions of Cultural Differences in Post-Merger Change Processes: A Sense
making Perspective on Finnish-Swedish Cases, . 82. 239
Marchildon G. (1991), Mergers and acquisitions, Edward Elgar Publishing Limited, . Xi.
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70
240
Collins (2001) ,
241
.
.
Weston F. (2001), , ,
242
, Jensen M. (1985)243
.
, .
Reid S. (1968), ,
244.
3.2. ,
,
(Porter M., . 2006)245. Hitt M., Freeman E. Harrison J. (2001)246, ,
, ,
. ,
.
,
. (2002), , :
240 Reuters (1982), Glossary of International Economic and Financial Terms.
241 Collins (2001), , . .
242 Weston F. (2001), Merger and Acquisitions as Adjustment Processes, Springer Netherlands, . 6.
243 Jensen M. (1985), The Efficiency of Takeovers, Harvard Business School.
244 Reid S (1968), Mergers, Managers and the Economy, Mc Graw-Hill, . 22.
245 . (2006), , , , . 103.
246 Hitt M., Freeman E. and Harrison J. (2001), Handbook of Strategic Management, 385.
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:
71
,
.
.
.
,
, ,
.
,
.
,
. ,
,
.
,
.
3.3. ,
.
, , . 247:
(horizontal merger),
,
.
,
.
247 . (2002), : , , ...., . 2.
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:
72
(vertical merger),
.
Shell , Motor Oil.
(concentric merger), ,
.
(conglomerate merger), ,
.
Zweig, Kline, Forest Gudridge (1995)248, ,
,
.
3.4. ,
(Shughart W. Tollison R. 1984)249, 19 .
,
. Town R. J. (1992)250,
.
248 Zweig P. L., Kline J., Forest S. and Gudridge K. (1995), The case against mergers: Even in the 90s most
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250 Town R. J. (1992), Merger waves and the structure of mergers and asquitions time series, Journal of
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73
,
Shughart W. Tollison
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,
(32) ,
, .
, ,
:
.
.
.
19 .
3.4.1. (5)
, :
1897 1904 , .
. ,
.
251 Shughart W. and Tollison R. (1984), The random character of merger activity, The RAND Journal of
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74
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.
, 1920 1929, ... .
( ) ( ). .
1965 1975, . ,
. Matsusaka J. (1993)252, ,
,
.
,
( 1973) ... ,
Hart, Scott Rubino 1976. 1984 1988. ... ,
.
. ,
.., 1989, . 1995 2007.
252 Matsusaka J. (1993), Takeover motives during the conglomerate merger wave, The Rand Journal of
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75
. Bernard B. (1999)253 . ,
...
,
.
,
. 1970 , :
2.
1970 1980 1990 2000
,
,
3.4.2. ,
,
.
1986, . 1987 1994, 9% , -
253 Bernard B. (1999), The first international merger wave and the fifth and last US wave, Working paper
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:
76
,
(13) (24) 254.
,
,
.
2002 (308) . (2,5) , (10) , (10) .
2003 , . (3,1) (2.5) . , , (154), (55,8) .
2004 Hellastat255, .
(198) , (2) , (1,6) . ,
(34), (31) (27) .
114% 2005. , (4,3) (10) (3,1) . (207) . , (34) (2,1) ,
254 . (2002), : , , ...., . 9.
255 http://news.kathimerini.gr/4dcgi/_w_articles_economyepix_1_21/04/2005_141272
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77
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, , .
(15,7) (10) , (10) .
(16) (5,6) . (34) (3,1) . , , (20) , (1,1) . , ,
, :
3.
2002 2003 2004 2005 2007 ( ) 2.5 3.1 2.0 4.3 15.7
10 ( ) 1.4 2.5 1.6 3.1 10 ( .) 18.8 55.8 28.5 36.3 105.4
3.5. ..,
. , 1993 .. ,
. ,
:
256 PriceWaterhouseCoopers (2006), 2005.
257 http://www.express.gr/news/business/76763oz_2008091876763.php3
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-
:
78
, ,
.
,
.
,
.
, ..
:
, .. 258
. 68/151 (), ,
.
,
.
,
,
. 78/855 (), , ,
. 82/891 () .., .
, ,
. , 78/660 (), . ,
,
,
. 83/349 (),
258 http://europedia.moussis.eu/books/Book_2/6/17/02/01/?lang=gr&all=1&s=1&e=10
[ 24 2010].
-
:
79
, . , 2006/43 (), ,
,
,
.
:
,
26 2005, 2005/56/. , ,
, ,
,
.
3.5.1. .. ,
(Directorate General Competition DG Comp).
. , ,
(Mergers Task Force M.T.F.), .
DG Comp M.T.F., ,
. .., (10) 2004 (2) 2007, . ,
,
259
.
259 Lyons B. (2004), Reform of European Merger Policy, Review of International Economics, 12(2), . 246
-
:
80
3.5.2.
,
.
,
1989260, (European Communities Merger Regulation). ,
..,
. 2 ,
, ,
(Dominance Test). .
7 2004,
, () 802/2004 , , .
,
.
1792/2006 23 2006 1033/2008 20 2008
, .
,
,
.
, .
. , ,
.
260 () 4064/1989.
-
:
81
,
. ,
,
, . ,
.
:
,
.
261:
1.
,
(). :
, (100.000.000 ) ,
,
(100.000.000 ) , . 2.
,
:
,
.
3.
:
,
15%
261 () 802/2004, 1033/2008 , .
-
:
82
,
,
, 25%. 4. ,
, .
,
, , .
,
( ), ,
(15) .
, .
Hackner J. (2003)262, ,
.
3.6.
,
,
,
263
.
262 Hackner J. (2003), Vertical integration and Competition Policy, Journal of Regulatory Economics,
24(2), . 213. 263
3777/2009.
-
:
83
, ,
, .
:
,
.. .. ... ...
. 2190/1920 . 3190/1955 . ,
, ,
.
,
, (. 3461/2006) 25/2004 .., . :
(1/3) ,
(100%) , (20) . , (50) .
(1/3) (1/2)
(12) , 3%
264.
,
, .
,
264 7 . 1 N. 3461/2006.
-
:
84
265
. ,
,
,
,
266
.
, ,
. ,
90% , (6) , ,
267
.
98/50/ , 12 2002, 178/2002, ,
. ,
, 268
.
..,
, 269
.
.
,
, , 270:
.
, .
.
265 9 . 1 N. 3461/2006.
266 9 . 4 N. 3461/2006.
267 27 . 1 N. 3461/2006.
268 2 . 1 178/2002.
269 4 . 1 178/2002.
270 8 . 1 178/2002.
-
:
85
, ,
271
.
, ,
, ,
,
272
.
, (147 ) (8.804 ) ,
273.
3.7. , .. ..
... ... ,
.. 68 80 2190/1920 ... 54 55 3190/1955. . , :
.
.
.
3.7.1.
, 3190/1955 , ...
...
.., ,
,
271 5 . 1 178/2002.
272 8 . 2 178/2002.
273 9 . 1 2 178/2002.
-
:
86
.
,
,
.
3.7.1.1. ,
.
,
274
,
.
:
,
.
,
.
.
275
.
3.7.1.2. ,
,
, .
(3/4) , (3/4) 276.
,
274 9 . 1 N. 2190/1920, 1 . 1 N. 2837/2000.
275 9 . 2 N. 2190/1920.
276 54 . 1 N. 3190/1955.
-
:
87
.. ..., .
(2) ,
277
. ,
,
634 , ,
278.
3.7.1.3. (2) ,
279,
, ,
. ... ,
(4.500 )
280.
(15) , ... ,
,
281
.
,
, (1)
282, ...
, ... ..
..., (3) 283, ...
284.
277 54 . 2 N. 3190/1955.
278 55 . 3 N. 3190/1955.
279 55 . 1 N. 3190/1955.
280 4 . 1 N. 3190/1955, 16 . 2 . 3661/2008.
281 7 N. 2081/1992.
282 8 . 1 N. 3190/1955.
283 8 . 2 N. 3190/1955, 16 . 3 . 3661/2008.
284 8 . 2 N. 3190/1955.
-
:
88
285
. ...
,
,
286
.
, (30) , ...,
,
, ...
() 287.
3.7.2. .. 2190/1920
. , 288
, 289
.
,
,
.
3.7.2.1. .. ,
.
, ,
.
(...), . .
285 9 . 1 N. 3190/1955.
286 55 . 2 N. 3190/1955.
287 4 . 2 .. 186/1992.
288 68 . 1 N. 2190/1920, 9 498/1987
( 2, 3 . 1 4 . 1 ). 289
79 . 1 N. 2190/1920, 12 498/1987 ( 30 ).
-
:
89
, 290
...
... ,
. , ..
291
. (10) , . ..
292:
, ,
.
,
. 10%
293
.
, .
,
,
.
,
.
,
.
,
,
.
,
,
.
290 69 . 1 N. 2190/1920.
291 69 . 3 N. 2190/1920, 67 . 3604/2007.
292 69 . 2 N. 2190/1920.
293 68 . 2 N. 2190/1920, 9 498/1987 ( 2, 3 . 1 4 . 1 ).
-
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