Value-added tax

Digital customer lists are becoming mandatory from the new year for food service companies, camping sites, tourism businesses, private schools, clinics and treatment centers, diagnostic centers, doctors, lawyers etc.

The government will broaden the tax base and increase the share of direct taxes, Vice President Cevdet Yılmaz has said.

"There have been criticisms such as 'too high a tax burden,'" Yılmaz said on Dec. 12 during his speech in the parliamentary talks on the government's 2024 budget.

A criminal organization engaging in tax fraud totaling over 15 million euros and tax evasion of 70 million euros was dismantled by the Economic Police Directorate in Greece, reported the Hellenic Police (ELAS) on Wednesday.

Bulgarian MPs have greenlit a significant shift in consumer rights, deciding that individuals won't be obliged to pay for goods or services if they haven't received a proper receipt. This groundbreaking decision alters the landscape for customers who previously had little recourse if they didn't receive a receipt.

The Bulgarian Parliament ratified an agreement on Friday for the acquisition of Stryker combat vehicles, marking a crucial step in bolstering the nation's defense capabilities. The decision, passed with 148 votes in favor, 53 against, and five abstentions, solidifies the acquisition process for the much-needed combat and service vehicles.

Bulgargaz, the public gas supplier of Bulgaria, revealed its proposed final natural gas price for December at 87.50 BGN/MWh (excluding excise duty and VAT), marking a 6.5% increase compared to November. The company emphasized that while this hike is lower than initially anticipated, it represents a significant rise for the upcoming month.

The government wants to "close the VAT gap we have between where we are and what the average European space is," Deputy Finance Minister Harry Theoharis told the Greek Parliament's Economy Committee during the discussion on the draft state budget for 2024.

The tax bill that was submitted to public consultation on Tuesday renders permanent the tax deduction for real estate renovations, among other provisions.

Marios Antoniou, the secretary-general of the Cypriot Retail Trade Association, discussed on Monday the pricing dynamics of products affected by the zero value-added tax rate, as well as current data and requests for price adjustments by product suppliers.

Calling for a comprehensive action plan to tackle burgeoning tax evasion, Greek Central Bank Governor Yannis Stournaras on Tuesday warned that the size of the shadow economy is estimated at nearly 21% of gross domestic product.