Greece implements new measures to combat tax evasion
The Greek Parliament has passed Law 5073/2023, focusing on curbing tax evasion.
Timeline
Provisions regarding fines and tax deductions will become applicable following a decision by the Minister of National Economy and Finance. Meanwhile, the provisions concerning incentives for voluntary e-invoicing takes effect from December 11, 2023.
Impact
According to Law 5073/2023, the Greek authorities have implemented new measures to combat with tax evasion. Key points include:
- A new article has been introduced, outlining the penalties for non-compliance with MyDATA regulations. These fines vary depending on the type of non-compliance—non-transmission, inaccurate, or late transmission—and may reach up to 250 Euros for each document. In certain cases, there is also a cap on the total amount that can be charged per day and per fiscal year.
- Tax deductions and deductible expenses are not taken into account for both income tax and VAT purposes unless the related documents have been electronically transmitted to AADE in line with MyDATA requirements.
- Taxpayers choosing electronic invoicing through a service provider will benefit from an extended incentive period, now running until December 31, 2024.
Greece has been considering moving towards the implementation of mandatory e-invoicing and they have been in conversations with EU Commission to implement a B2B e-invoicing mandate. Although, there is no announced timelines yet, the above changes show that they want a wider adoption of e-invoicing in the country.
