Foreign companies selling goods or services subject to VAT in Greece are obligated to pay VAT and must be registered with the relevant tax authority. Accountwave acts as the fiscal representative for more than 20 international firms.
According to Greek VAT regulations, VAT must be reported in the period when the invoice is issued, not when payments are received from customers or made to suppliers.
VAT representation is governed by Greek legislation and VAT regulations. At Accountwave, we prepare and submit your VAT reports in a timely manner and notify you to facilitate the transfer of funds to the VAT account.
Greek VAT Rates
Although the European Union establishes general VAT rules, Greece sets its own VAT rates. The minimum VAT rate required is above 15%. Furthermore, Greek regulations provide for reduced VAT rates on specific goods.
After obtaining VAT registration in Greece, foreign companies must adhere to the rules for VAT accounting, invoicing, tax rates, and other procedures. These include:
- Issuing invoices that include the disclosure information required by Greek VAT legislation.
- Proper invoicing of customers for goods or services in accordance with VAT rules in Greece.
- Utilization of electronic invoices that adhere to the most recent Invoicing Directive.
- Keeping VAT books and other records to support VAT returns, Intrastat declarations, and ESL (European Sales List) reports.
- Handling credit notes and making necessary corrections.
- Using approved foreign exchange rates
What is the tax point for Greek VAT?
The rules for the tax point (time of supply) in Greece specify when VAT becomes payable. This VAT must be remitted to the tax authorities within 10 days after the end of the VAT reporting period (which could be monthly or quarterly).
Special VAT rates
While the European Union has unified VAT rules, their implementation may differ from one country to another.
Our expertise in taxation protects your business from costly VAT errors that could arise during a potential audit. Our specialized tax advisors can provide you with the guidance you need to ensure your company’s compliance with tax and VAT regulations in Greece and other countries.