Following Greece’s exit from the Third Economic Adjustment Programme (usually referred to as the third bailout package) with the IMF, the European Central Bank and the EU, Prime Minister Alexis Tsipras announced a number of tax legislation amendments on 8 September 2018.
Tag - Greece
It has been clarified by Greek Circular No. 1155/2018 that, where a VAT registration is made retrospectively, the taxable person is entitled to deduct the input VAT incurred in previous periods, as long as all corresponding VAT returns have been filed correctly.
Further to a previous bulletin we can bring you news that the reduced VAT rate on the islands of Chios, Kos, Leros, Lesvos and Samos will remain in place.
It has been reported that Greece is proposing to introduce a real-time invoice reporting to the tax authorities from January 2019 for all companies related to the public sector and limited liability companies.
Short-term property rentals to individuals through online platforms such as Airbnb can be exempted from VAT under certain conditions. This is according to the Greek Independent Authority for Public Revenue (AADE).
Greece has agreed to keep in place reduced rates of VAT in five Greek islands for a further six months.
European Commission statistics indicate a disproportionate increase in taxation in Greece, at a time when the economy was shrinking, while the country’s industrialists and political opposition say over taxation has led to more tax evasion and the failure of the tax system.
According to the report, the taxes Greeks are asked to pay this year on income and wealth add up to 18 billion euros, a rise of 2.3 billion since 2009, while taxes on output and imports have risen to 31.7 billion from 27.8 billion euros eight years ago.
An online platform will be created whereby properties that are rented out via Airbnb will require registration with the income being declared and the associated tax being paid.
The amount of tax to be paid will be based upon income: a yearly income of up to 12,000 euros will incur the tax rate of 15 percent;
Greece’s top creditors returned to Athens on October 23rd for meetings and talks with the Greek government. The aim is to proceed with the third review of the Greek bailout program and conclude the procedures by the end of 2017.
In the hope of reducing tax evasion with an incentive based strategy, the Greek government are planning to issue EUR 1,000 monthly prizes to a thousand people who use their debit and credit cards to make electronic purchases instead of using cash.
The ruling SYRIZA led coalition has become the latest administration to be unable to cut down the levels of tax evasion after promising a crackdown which has so far failed to work.
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