5 Major Developments in Greece

5 Major Developments in Greece

• Formal notice to Greece (INFR(2020)4001) about properly registration tax and environmental tax on second-hand vehicles from other EU member states
• Law no. 5024/2023 amends VAT rules
• Customs Flash: VAT exemption to imported goods
• Greek tax authority enhances efforts against tax evasion with new digital app
• New Democracy: VAT Reduction in Food will Benefit the Wealthy

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Bad Debts (Relief for Underpaid Sales Invoices)

• Instructions: Output VAT relating to rebate amounts deducted in previous tax years

Bookkeeping

• New AADE objectives – the obligation to keep electronic additives transmitting the data to Mydata, connection to fill, controller, automatic E9 update, interruption of work, etc.

Customs

• Customs Flash: VAT exemption to imported goods

Deduction (Input Tax Credit)

• Settlement VAT for investment goods not put into operation within 5 years of acquisition of

E-invoicing

• Greece announced the 2nd phase implementation of B2G e-Invoicing

• Greece to implement mandatory B2G electronic invoicing

• Mandatory e-invoicing in B2G sector

• Gradual mandatory e-invoicing implementation for public contracts in Greece

• Ryan March 2023 Highlights

• E-invoicing in Greece: Decision on the implementation timeline for the B2G mandate

• B2G e-invoicing mandate – implementation timeline

Environmental Tax

• Formal notice to Greece (INFR(2020)4001) about properly registration tax and environmental tax on second-hand vehicles from other EU member states

Exemption

• Customs Flash: VAT exemption to imported goods

• Law no. 5024/2023 amends VAT rules

• VAT application timeline for commercial leases

Fiscalization

• No more manual recording of card payments in Greece

Fraud / Tax Evasion

• Greek tax authority enhances efforts against tax evasion with new digital app

Importation

• Customs Flash: VAT exemption to imported goods

Rate

• New Democracy: VAT Reduction in Food will Benefit the Wealthy

• Ryan March 2023 Highlights

Real Estate/Immovable Property

• Law no. 5024/2023 amends VAT rules

• Ryan March 2023 Highlights

• VAT application timeline for commercial leases
• Settlement VAT for investment goods not put into operation within 5 years of acquisition of

Real Time Reporting/Continuous Transaction Controls

• New AADE objectives – the obligation to keep electronic additives transmitting the data to Mydata, connection to fill, controller, automatic E9 update, interruption of work, etc.

Refund

• VAT refund applications for special status farmers

• Ιncome tax and accounting treatment of refunded VAT amounts corresponding to rebates

Reporting / Compliance

• EY VAT News – 5 June 2023

• International VAT Rate Round Up: April 2023

Taxable Amount

• Greece Tax Agency Issues Circular Explaining Tax Treatment of Output VAT Rebates for Pharmaceutical Companies

• Instructions: Output VAT relating to rebate amounts deducted in previous tax years

Tax Authorities / Penalties

• Indirect taxes account for 60% of all tax revenue

• Greek tax authority enhances efforts against tax evasion with new digital app

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