Greece | Tungsten Network

Further extension of VAT rates on certain products

Ryan Golds — Fri, 27 May 2022 11:15:19 +0000

The post-Covid recovery appears to be slow in nature, as reflected through the extension of reduced rate many countries are deploying.

Greece has announced a third extension of the VAT rate on certain products, from 24% to 13%. These products include:

coffee;
transport;
non-alcoholic drinks;
cinemas;
gyms and dance schools; and
tourism packages.

The VAT rate was first reduced on 30 June 2020, and subsequently extended on 1 October 2021 and again on 30 June 2022.

The reduced rates are expected to last until 1^st January 2023.

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Proposed extension of VAT reduction for catering, transport, gyms, cinemas and theatres

Ryan Golds — Thu, 28 Apr 2022 07:29:02 +0000

The extension of the reduced VAT rate for catering, transport, gyms, cinemas and theatres is due to expire in June 2022. However, the Greek government has proposed that this be extended. A precise date has not yet been confirmed.

However, the costs of such an extension have been laid bare- to accommodate the extension, the Greek government will need look at other areas of the budget to make up the shortfall, amounting to around 250 – 300 million Euros.

Such figures offer an insight into the often-drastic financial costs governments are incurring in their fiscal-related measures, and the ramifications on budget planning.

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Extension of reduced rate for certain items

Ryan Golds — Wed, 23 Mar 2022 12:54:31 +0000

Greece has extended the reduced rate of 13% until 30 June 2022 for the following products:

• Passenger transport;
• Coffee and non-alcoholic beverages;
• Cinema;
• Tourist packages;
• Gyms.

Similarly, the 6% reduced VAT rate has also been extended for products required for the protection of Covid-19, until 30 June 2022.

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MyData- automatic VAT rebates

Ryan Golds — Fri, 04 Feb 2022 00:00:00 +0000

The Greek MyData platform went live in October 2021 as a mandatory tax reporting requirement, driven by the need to combat VAT fraud.
The Greek government is striving for enhanced automation of the MyData system. Most Greek businesses will now receive any VAT rebates automatically in a shorter period of time- without the need for tax officials to be involved in the process.
There will be a few exceptions- such as companies with repeated past violations, or high-value rebates- which will need to be subject to additional monitoring. However, this shows the Greek Government’s intention to streamline the VAT rebate process and create a more automated MyData platform- resulting in increased convenience for customers and a more customer-friendly solution.

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Upcoming MyData changes

Ryan Golds — Wed, 08 Sep 2021 21:00:00 +0000

Greece is looking to implement a phased roll-out of its upcoming e-invoicing MyData changes, starting on 1^st September 2021. As a reminder, e-invoicing in this context refers to the connection of a certified e-invoicing certified service provider to the MyData platform. Tungsten does not meet the requirements for a certified provider, so we are requesting that suppliers attach their legal invoice to our Tungsten solution as we won’t be able to create the legal artefact for suppliers once the changes take effect.

Here are some key dates to watch out for:

1 September 2021: Companies will proceed on a phased basis from this date around the electronic transmission to MyData and the interconnection specifically of cash registers with Greek electronic system. This will be based on the type of their accounting books and annual revenues;
1 October 2021: The mandatory transmission of business documents to the MyData platform becomes mandatory;
From 1 October 2021 onwards, the following businesses must send their accounts receivable documents (i.e. invoices) which they issue:
- Businesses with double-entry accounting books with a turnover of over € 50.000.
- Businesses with single-entry accounting books with a turnover of over € 100.000.
1 November 2021: all other companies must submit their invoices.

The Greek MyData changes have been delayed multiple times already. So far we have not heard anything to indicate that these changes will not be going ahead on 1 September 2021. We will keep you updated.

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Greek government mandate delayed for THIRD time

Carl Youngman — Wed, 30 Jun 2021 22:00:00 +0000

The Greek government have delayed mandatory invoice registration for ALL businesses through their myDATA platform. The new date floated for mandatory invoice registration through the myDATA platform is Autumn (anticipated October).

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Greek government mandate delayed for THIRD time

Ryan Golds — Wed, 30 Jun 2021 21:00:00 +0000

The post Greek government mandate delayed for THIRD time first appeared on Tungsten Network.

Mandatory transmission of tax documents’ data to myDATA platform postponed to July 1st, 2021

Carl Youngman — Wed, 31 Mar 2021 22:00:00 +0000

The start date for the mandatory transmission of tax documents’ date has already been postponed several times, with the last postponement to 1 July 2021.
It is important to note than none of the postponements left taxpayers ‘off the hook’ completely as the Greek tax office (AADE) considers the delays as grace period. The data that was generated in the grace period must still be submitted to the authorities through the myDATA platform by 31 October 2021.

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6% Reduced VAT Rate for Streaming Theatrical Performances and Concerts

Ryan Golds — Wed, 31 Mar 2021 22:00:00 +0000

The Greek Public Revenue Authority (AADE) has recently published a Circular regarding the reduced VAT rate for tickets for streaming theatrical performances and concerts.
As of 11 March 2021, the 6% reduced VAT rate will apply for tickets for access to live streaming of such events. The new rate will apply for as long as the measure suspending public attendance to such events is in effect.

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