Recently a new law was voted replacing the existing VAT Code and introducing a new one. The old VAT Code (law 2859/2000) was in force for the last 24 years and the developments having taken place in the meantime made necessary its recast and modernization. The new VAT Code (law 5144/2024) does not contain any substantial changes, but its wording has been updated and harmonized, whereas the structure of its chapters and articles has changed, with deletion of many obsolete provisions. This however requires the attention of companies to include in their invoices reference to the correct applicable provisions concerning VAT exemptions. Likewise attention should be paid to the VAT provisions invoked for the reporting of transactions to the tax authorities platform (MyData).
The new VAT Code will need however to be amended in the near future to incorporate the changes just voted at European level in the context of the VAT in the Digital Age reform.
Our VAT team, led by partner Alex Karopoulos and senior associate Eva Yotakou, monitors all developments and will be providing updates on further changes having an impact on businesses.