Greece intends to roll out a mandatory application of electronic invoicing and electronic bookkeeping. For companies that are involved in the public procurement, the law will be in force as of 2019. From 1 January 2020, this tax requirement will be mandatory for all B2B and B2C transactions.
The objective of this VAT data request is:
- Coverage of the real-time submission of invoices and receipts and electronic maintenance of statutory books
- Implementation for over 100,000 companies starting from 1 January 2019, and from 1 January 2020 for all companies
Usage of the governmental platform TAXIS
The full end-to-end process, technical specifications, the data exchange security and the responsibilities of the service providers are expected to be defined shortly and published by the Ministry of Finance.
It is our strategy that for every for e-invoicing and SAF-T data requests in Europe. We partner up with our clients, so via outsourcing to us, clients realize that these tax obligations including maintenance are met moving forward. All our SAP add-on products follow the same method and footprint to establish a standardized approach that goes beyond local borders.
The next SAF-T wave
The following countries might be in the next wave: Germany, UK, Ireland and the Czech Republic. The Netherlands and Belgium are experimenting with another electronic format called “Transaction Network Analysis”, TNA is an overall European Commission initiative and 8 other countries have already joined.
Written by Richard Cornelisse
Richard advises multinational businesses in improving the efficiency and effectiveness of their Indirect Tax Function and Tax Control Framework.
He started his career as a manager at Arthur Andersen and then became an EY partner where he led the indirect tax performance team for Netherlands and Belgium. Currently, he is a managing director of SAP Tax Consultancy Firm.
Richard has over 20 years of experience advising clients on international VAT issues. He is specialized in the tax aspects of financial transformations, shared service center migration, and post-merger integration work.