Greece has announced that it will start implementing mandatory e-invoicing and e-books from 1 April 2021. Greece had previously intended to implement mandatory e-books submission in 2020. According to Greek authorities, they are delaying implementation partly due to difficulties caused by the Covid pandemic.
Greece’s move towards mandatory electronic submission is part of a global trend. As authorities seek innovative ways to detect and prevent tax evasion, tax offices increasingly require electronic invoicing and electronic transaction data submission.
Greek authorities specify that businesses must keep two sets of data: e-books and e-invoices.
Mandatory e-books submission
E-books data includes general ledger transactions, payroll and other transactions.
Electronic invoicing requirements
All VAT invoices relating to domestic B2B transactions will have to be filed electronically.
In addition, businesses must file e-invoices according to the specifications of the local tax authorities relating to digital invoicing.
How to prepare for Greek electronic VAT requirements
To efficiently comply with technology-based reporting, your business needs to ensure that you have the appropriate electronic tools in place, and that these meet the reporting and filing requirements of Greek authorities.
Therefore, you should get ready for e-books and e-filing requirements now.
Moreover, as Greece moves towards electronic tax compliance, it is strongly advisable to consult with a VAT expert to ensure you have the appropriate processes and technology in place to meet reporting requirements. Global VAT experts will also work to ensure you have a full understanding of all your invoicing and electronic reporting obligations.
Flexible technology, human expertise
Vatglobal’s proprietary VAT technology makes global VAT compliance simple.
The proprietary Vatglobal digital toolkit seamlessly integrates with your current software, making electronic filing easy and efficient. Additionally, the Vatglobal expert team is always available to ensure you have a complete understanding of your VAT compliance obligations.