E-invoices for all businesses

The government received the green light from the European Commission to implement electronic invoicing across the economy as of July 1.

Based on the decision, the National Economy and Finance MInistry will proceed with legislating the new system, which could be implemented in two phases. The largest companies will be included in the first phase and the smaller ones in the second. There is also the idea to include specific sectors in the first phase and to follow with the rest in the middle of the year. The model to be followed will be proposed by the Independent Authority for Public Revenue (AADE) to the ministry so that the final decisions will be made.

It is noted that the Commission approved electronic invoicing for one year, specifically until end-June 2026. However, Greece may request the extension of the measure without having to submit a new report.

Electronic invoicing is the exchange of digital documents between two or more businesses participating in a commercial transaction (business, public sector, individuals). These documents are not only invoices, but may also include other details such as purchase orders, debit/credit notes, remittances, payment terms, etc.

For electronic invoicing, businesses should choose the provider they want and 16 providers have already been certified by the AADE. With the new procedure, as tax administration executives note, VAT fraud and fictitious data will be minimized.

Many businesses in Greece are already implementing electronic invoicing while benefiting from the incentives that have been instituted and are in force until the end of the year: They have faster tax refunds, a three-year statute of limitations for tax cases and over-depreciation for technological equipment. The incentives concern all businesses and professionals that issue their invoices exclusively electronically, which are transmitted to the myDATA digital platform.

Greece submitted a request for enforcing mandatory e-invoices last July, an obligation shared by all EU member-states.

Source: pagenews.gr