Any company registered with the Greek tax authorities (see our Greek VAT registration briefing) as a non-resident VAT trader must report taxable transactions through periodic filings, known as returns.

Any Greek monthly or quarterly VAT filing is due on the last working day of the month following the period end. Any Greek VAT due must be paid at the same time.

In Greece electronic filing is mandatory for most taxpayers. VAT returns are submitted over the internet through the Greek tax authorities’ portal at www.gsis.gr

If there are misdeclarations or late fillings of Greece VAT returns, foreign companies may be subject to penalties. Failure to register for VAT on time (within 30 days of taxable supply) will incur penalties. If a company informs the tax authorities of late registration the penalty will be 1.5% of the VAT owed per month that registration has been delayed capped at 100%. If failure to register is discovered by the Greek tax authorities the penalty will be calculated at 3.5% of the VAT owed per month of delay capped at 200% of the total tax owed. Late return penalties range from EUR100 to EUR2500. Failure to submit a VAT return will result in a penalty equal to the VAT due in that tax return. Penalties for late payment are calculated as:

• 10% of the VAT due if the amount due is paid under one year from the deadline
• 20% of the VAT due if the amount due is paid between one and two years from the deadline, and
• 30% of the VAT due if the amount due is paid after two years from the deadline.

If the tax return contains inaccuracies the penalty will depend on the percentage of the total VAT due which is disputed. For example the penalty will be:

• 10% of the disputed amount if 5% to 20% of the tax amount is disputed
• 30% of the disputed amount if over 20% of the tax amount is disputed, and
• 100% of the disputed amount if over 50% of the tax amount is disputed (and tax authority can prove intentional inaccuracy)

There is a five year statute of limitations for Greek VAT. However, if deliberate offences or inaccuracies are discovered an assessment may be made up to 20 years after the end of the relevant accounting period.

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