Mastering VAT Compliance for Greek E-Commerce Businesses

• Eurofast is a regional advisory organization with local advisers in over 21 cities across South East Europe, Middle East, and the Baltics
• The organization offers a one-stop shop for investors and companies seeking professional services
• E-commerce in Greece is growing, increasing the complexity of VAT compliance for online businesses, especially when dealing with EU and non-EU customers
• Effective navigation of VAT regulations is essential to avoid penalties and ensure smooth business operations
• Greek e-commerce businesses must understand VAT rules which vary for domestic sales, intra-EU sales, and non-EU sales
• Domestic sales in Greece have a standard VAT rate of 24% with reduced rates for certain goods and services
• Intra-EU sales have different VAT treatments for B2B and B2C transactions, with B2B generally involving reverse charging and B2C depending on exceeding the €10,000 annual sales threshold
• Non-EU sales are zero-rated for VAT but require proper documentation
• The EU introduced the One-Stop Shop system in 2021 to simplify VAT reporting for cross-border B2C sales, allowing centralized VAT reporting and reducing administrative burdens
• Common VAT challenges include managing sales thresholds, classifying products correctly, and handling VAT adjustments for returns
• Technology plays a crucial role in streamlining VAT compliance, with tools available for automated accounting and VAT calculations

Source: mondaq.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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