Greece | Clarifications on credit notes issued for VAT charged incorrectly

Following the introduction in 2015 of credit notes as a means of correcting certain types of transactions, the Greek Government has issued several clarifications on the matter in a circular letter published recently.

The circular letter issued by the government states that credit notes can be issued in relation to transactions prior to 2015 but only if they do not exceed the statute of limitation time limit (5 years).

In terms of the applicable VAT rate, the credit notes will use the VAT rate in force at the date when the initial invoice was issued.

From a reporting perspective both the taxable person issuing the credit and the person receiving it will need to adjust the VAT returns corresponding to the initial transaction.