Government to Implement Mandatory Electronic Invoicing
The government has taken steps to introduce mandatory electronic invoicing for all businesses in accordance with the European Commission’s directives. After discussions with officials in Brussels, Athens has formally requested approval for this measure.
Expected Timeline
A response from the European Commission is anticipated by September, following which the necessary legislation will be presented to Parliament. The aim is to commence implementation of the electronic invoicing requirement from January onwards.
What is E-Invoicing?
E-invoicing involves the digital exchange of documents related to commercial transactions between different entities, such as businesses, government agencies, and individuals. These documents go beyond just invoices and can include purchase orders, credit/debit notes, payment terms, and more.
Choosing a Provider
Businesses are free to select their preferred electronic invoicing provider, with 16 companies already certified by the Independent Authority for Public Revenue (AADE). Additionally, the tax administration itself will offer e-invoicing services once the necessary procedures are finalized.
New Procedure to Combat VAT Fraud and Fictitious Data
In order to ensure a fair and transparent market, a new procedure has been introduced to minimize VAT fraud and fictitious data. This new approach aims to enhance the integrity of the market and protect consumers from deceitful practices.
By implementing strict regulations and thorough monitoring, the authorities are confident that fraudulent activities will be significantly reduced. This will not only benefit honest businesses, but also improve trust and credibility within the market.
It is crucial for all stakeholders to cooperate and comply with the new procedure in order to create a level playing field for everyone. Together, we can build a market that is built on trust and honesty, where all participants can thrive and succeed.
