Greece's new debt settlement regime took effect 15 December 2015. From that date, new outstanding tax liabilities for income tax, value added tax and others must be paid within 30 days of this initial due date for penalty relief to apply. From 1 July 2016, this will be reduced to 15 days from the initial due date, and from 1 January 2018, no relief period will be provided.

The new regime was i…