Greece implements the EU’s four ‘Quick Fixes’ for VAT. The measures apply retrospectively from January 1 2020.
The Greek Government implemented the EU’s four ‘Quick Fixes’ into Greek VAT law. These are simplifications to the cross-border supply of goods within the EU. Although enacted into legislation and published only recently, the measures have an effective date of 1 January 2020.
The ‘Quick Fixes’ aim to provide clarity and guidance on the correct VAT treatment on EU supplies of goods and include the following:
- Harmonisation on the VAT treatment of chain transactions in the EU;
- Tightening of the requirements for zero-rated intra-EU supplies of goods;
- Simplification for cross-border consignment stock cases in the EU; in addition to
- Standardisation of documentary proof in the case of zero-rated intra-EU supplies of goods
This new bill finally implements the European Commission’s 2018 Directive with regards to the harmonisation and simplification of certain rules in the VAT system for the taxation of trade between Member States, which should have been in force from 1 January 2020.
Are you affected by the implementation of the ‘Quick Fixes’ for VAT in Greece? Then please contact one of our VAT experts.