Invoicing and Tax regulation in Greece
Invoicing Regulation in Greece
In Greece, invoicing regulation dictates that businesses must issue an invoice for every transaction, irrespective of whether it is B2B, B2C, or B2G. These invoices should detail the tax rate, type of goods or services, and VAT amount. The Greek tax authorities require all businesses to maintain orderly, updated records of these transactions for auditing and inspection purposes.
Real-time Reporting / Fiscalization in Greece
Beginning January 2020, the Greek government introduced a mandatory real-time reporting system for all sales invoices. Known as myDATA (My Digital Accounting and Tax Application), it requires businesses to transmit invoice details to the Independent Authority for Public Revenue (AADE) in real time. The goal is to curb tax evasion and ensure a transparent and more efficient tax system in Greece.
E-invoicing in Greece
As of April 1, 2020, e-invoicing is also mandatory for Greece. B2G transactions must be conducted over the Greece e-invoicing system. Suppliers to Greek government entities must send electronic invoices in a specific XML format via the Greek public procurement portal, ESIDIS.
VAT/GST/Tax Compliance in Greece
In Greece, good and services are subject to Value Added Tax (VAT). The standard VAT rate is set at 24%, while reduced rates of 13% and 6% apply to certain goods and services. For B2B, intra-community supply of goods or services is exempt from VAT, provided the supplier has the VAT number of the customer. Businesses must file periodic VAT returns disclosing their total sales and total purchases, and the tax due is calculated as the difference between output VAT and input VAT. For B2C, Greek VAT must be charged unless it is an exempt transaction or the customer provided a valid EU VAT number.