- Greece’s tax authority plans to introduce an automated VAT collection system to curb evasion and stabilize revenues.
- The system would automatically transfer a portion of VAT from each transaction directly to the state, reducing businesses’ use of VAT as working capital.
- Two scenarios are under consideration: a fixed percentage remitted per transaction or individualized rates based on business turnover and past VAT payments.
- Implementation will start with service providers and expand to retail, requiring technical upgrades to payment and POS systems.
- The VAT gap in Greece has already decreased, and officials aim to reach the EU average by the end of 2026.
Source: ekathimerini.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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