The Greek Ministry of Finance has announced plans to introduce a mandatory real-time electronic invoicing system, in addition to online electronic bookkeeping as of 2019.

The mechanism is expected to emulate the recently EU-approved Italian mandatory e-invoice verification system , a “clearance model”, which requires electronic invoices to be transmitted to the tax authorities, at the time of issue, for validation. Approved invoices will subsequently be sent directly to the customer. This enables tax authorities to audit and check transactions in real-time.

With this aim in mind, together with the Independent Authority for Public Revenues, the Greek Ministry of Finance will set up a working group to develop the specific infrastructure and requirements of the proposed measure.

A pilot scheme is anticipated to be implemented from 1st January 2019 involving taxpayers that perform supplies to public authorities (B2G transactions) and from 1st January 2020, the mechanism will be rolled out to include all Greek taxpayers.

Both the issuing of invoices and maintenance of business records in paper form will be abolished.

Accordance is following this development and will provide updates on the system as it evolves.

By |June 5th, 2018|