VAT Returns & Recovery in Greece
In Greece, all businesses registered for tax purposes, including both resident and non-resident entities, must file regular provisional VAT returns. These returns are necessary to declare taxable transactions and invoices subject to reverse charge. The frequency of submission can be monthly, quarterly, or semi-annually, based on certain criteria to be outlined further.
Read more about VAT returns and VAT recovery in Greece in our comprehensive guide.
VAT Returns in Greece
Filing Deadline
The schedule for submitting VAT returns in Greece varies based on the accounting system used by the taxpayer:
- Taxpayers with double-entry bookkeeping are required to file monthly.
- Taxpayers using single-entry bookkeeping, specifically revenue-expense ledgers, must file quarterly.
- Small businesses on a flat-rate tax scheme file their returns semi-annually.
VAT returns in Greece must be filed and paid by the last day of the month following the reporting period’s close. Late submissions, including those with no transactions to report, incur a standard fine of EUR 100. This penalty also applies to delayed filings of the EC Sales List (ESL). Additionally, late payments attract interest at a statutory rate from the due date until full payment is made.
Filing Procedures:
Filing of Greek returns are required to be done electronically except on the following instances:
- Returns filed by non-taxable persons, farmers applying the flat-rate scheme, or taxpayers engaged in transactions that do not involve deduction of VAT, or when taxpayers are involved in intra-community transactions that allows for VAT liability for the counterparty
- VAT returns filed by the heirs of the taxpayer
- When there is a written permission for nonelectronic filing issued by a competent tax authority
All returns that require electronic filing must be submitted through the TAXISnet – the government portal used for Greece’s tax services.
Filing Deadline
The schedule for submitting VAT returns in Greece varies based on the accounting system used by the taxpayer:
- Taxpayers with double-entry bookkeeping are required to file monthly.
- Taxpayers using single-entry bookkeeping, specifically revenue-expense ledgers, must file quarterly.
- Small businesses on a flat-rate tax scheme file their returns semi-annually.
VAT returns in Greece must be filed and paid by the last day of the month following the reporting period’s close. Late submissions, including those with no transactions to report, incur a standard fine of EUR 100. This penalty also applies to delayed filings of the EC Sales List (ESL). Additionally, late payments attract interest at a statutory rate from the due date until full payment is made.
Selling in Greece?
VAT Recovery in Greece
Taxable entities have the right to reclaim input tax, which is the VAT imposed on goods and services they receive for business activities that generate taxable outputs. This reclaiming process is conducted through their periodic VAT filings, due by the last working day of the fourth month after the period ends. Adjustments to the deducted amount may be necessary if:
- The deducted amount differs from what the taxpayer is actually entitled to.
- Post-filing changes affect the initial deduction calculation.
No adjustments are required for goods that are destroyed, lost, stolen, or for gifts and samples for business use valued at under EUR 10.
However, certain expenses may either not qualify for full input tax recovery or be entirely ineligible, such as:
- VAT on tobacco products.
- VAT on alcoholic beverages purchased for use in non-taxable activities.
- VAT on costs related to reception, entertainment, and hospitality services, including accommodation, food and beverage, and transport for company employees.
- VAT on acquiring specific types of vehicles (like 9-seater cars and motorcycles/motorbikes), recreational boats, and aircraft, along with related supplies and services.
Last Updated: 20/03/2024
Disclaimer
The information provided by Global VAT Compliance B.V. on this webpage is intended for general informational purposes only. Global VAT Compliance B.V. is not responsible for the accuracy of the information on these pages, and cannot be held liable for claims or losses deriving from the use of this information. If you wish to receive VAT related information please contact our experts at support@gvc.tax
