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Changes to VAT

29 Sep 2014

The previously obligatory annual VAT return has been erraditcated to reduce admistrative burden and the special VAT scheme for small enterprises has become simple to apply. Taxand Greece provides an overview of the changes to VAT.

Annual VAT return filing obligation is abolished

Taxpayers were obliged to file an annual VAT return, in addition to the periodic VAT returns. To reeduce bureacracy, the annual return has now been abolished. Pro-rata calculations and VAT adjustments, as well as other similar actions that were performed through the annual VAT return, will from now on be performed in the context of the periodical VAT returns.

Special VAT scheme for small enterprises becomes simpler to apply

Taxable individuals whose revenues in the previous year have not exceeded the amount of Euro 10,000 are eligible for the scheme, under which they will not have the obligation to
file VAT returns and pay VAT. At the same time they will not be entitled to deduct the VAT they incur on their expenses.

Discover more: Tax alert - changes in VAT rules

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Alex Karopoulos
T. +30 210 69 67 000

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Taxand's Take

Businesses and individuals in Greece should familiarise themselves with the changes to VAT rules and make neccessary changes. 

Taxand's Take Author

Alex Karopoulos

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