On March 31, 2015, the General Secretariat of Public Revenues (“GSPR”) published a new administrative circular (Circular No. 1072/31.03.2015) providing general administrative guidance on the tax withholding obligations for employment income. The guidance notably provided that any benefits-in-kind (which would include stock options, restricted stock units and other forms of equity compensation) are not subject to income tax withholding at the time of receipt (e.g., date of exercise for stock options, date of vesting for restricted stock units). Instead, the benefit-in-kind must be reported on employees’ payroll certificates and employees personally will be responsible for paying income taxes on such amounts at the time they file their personal income tax returns. Previously, the income tax withholding obligations associated with stock awards granted to Greek employees were unclear and appeared to be tied to whether the local Greek employer bore the costs of the equity compensation awards received by local employees (i.e., whether the Greek employer directly granted the equity awards to employees or reimbursed the non‑Greek issuer/parent company for the value of such awards). Details of the new circular remain subject to review and further updates will be forthcoming, but the GSPR’s pronouncement provides welcome relief for multinationals granting equity compensation awards in Greece.