Value-added tax
Greek VAT gap shrinks to €3.2 bln in 2021
Greece's value-added tax gap narrowed to 3.231 billion euros in 2021 from €3.426 billion in 2020, the European Commission said in a report on Tuesday.
Brussels said Greece recorded a 3.2-percentage point decline in the VAT gap, to 17.8% in 2021 from 21% in the previous year.
- Read more about Greek VAT gap shrinks to €3.2 bln in 2021
- Log in to post comments
Restrictions on short-term leases
The government is moving toward a clear distinction between small owners who rent their property for a few days a year to foreign or Greek visitors and owners or companies who rent a larger number of properties systematically under the short-term rental scheme.
- Read more about Restrictions on short-term leases
- Log in to post comments
Jan-July revenue beats target by €2.2 bln
Finalized data on revenue for the first seven months of the year show that it exceeded the target set in the 2023 budget by €2.246 billion, or 7.1%, as VAT and income tax receipts exceeded expectations.
- Read more about Jan-July revenue beats target by €2.2 bln
- Log in to post comments
Tax inspectors shut shops in tourist areas
Tax authorities are cracking down on evasion by retailers in the country's main tourist destinations, temporarily shutting down dozens of businesses daily.
Tax officials are checking all card payments made in June to find whether businesses failed to disclose sales in their quarterly VAT statements that were submitted at the end of July.
- Read more about Tax inspectors shut shops in tourist areas
- Log in to post comments
More taxes being paid on time
Rough estimates of tax evasion put it at between €8-10 billion. But recent data show that tax compliance is increasing, which accounts for higher than expected revenue in the first seven months of the year.
Data also show that compliance is higher among businesses than among individuals.
- Read more about More taxes being paid on time
- Log in to post comments
Self-employed come under tax scrutiny
Self-employed professionals who declare incomes of less than 10,000 euros will be targeted by the tax authorities immediately after the end of the tax return submission process, which ends on August 31.
The first professions to be put through the auditing wringer include plumbers, electricians and all occupations related to construction in general, as well as taxi drivers.
- Read more about Self-employed come under tax scrutiny
- Log in to post comments
The mystery of runaway prices
Outrageous discounts are the first "mystery" in the Greek market, with supermarket chains successively advertising 50% off specific products. Are they selling below cost to drum up new custom? Probably, but then we see those same products going for half-price at every other supermarket.
- Read more about The mystery of runaway prices
- Log in to post comments
Cross-checking reveals extensive evasion
The interconnection of cash registers with card terminals (POS) may have been delayed and not be expected until the first months of 2024, but this does not mean that the tax administration is sitting idly by. Extensive cross-checking is under way, as well as spot checks at businesses to verify that the data generated by the POS are identical to the receipts issued by the cash registers.
- Read more about Cross-checking reveals extensive evasion
- Log in to post comments
Special Consumption Tax on natural gas, petrol hiked
The Special Consumption Tax (SCT) on natural gas for household use and petrol has been hiked, according to a decree published in the Official Gazette.
The SCT on petrol was increased by 5 Turkish Liras ($0.19), but including the value-added tax (VAT), the pump price will be some 6 liras higher, while the cost of filling up a 50-liter tank will rise to 1,702 liras.
Locking in tax declarations
The Finance Ministry and the tax administration (AADE) are planning on "locking" pre-filled value-added tax declarations as well as the E3 tax form, at least regarding the declared income of businesses and professionals, in an attempt to contain tax evasion.
- Read more about Locking in tax declarations
- Log in to post comments