Exclusion of large companies from VAT payments

The first phase of the implementation of the Organization for Economic Cooperation and Development (OECD) recommendations has been completed, the ministry of Administrative Reform & E-governance announced on Tuesday.

The announcement noted that the most important intervention was the decision to exclude private companies with gross revenues of up to 10,000 euros a year from paying VAT or submitting a VAT statement enacted recently into law (Law No 4281/2014).

The specific intervention, one among several, is included in the OECD report drawn up in cooperation with the Administrative Reform ministry on the assessment of administrative burden in laws and regulations in Greece in 13 selected sectors of the Greek economy.

The ministry, in cooperation with the related ministries, legislated measures for the implementation of report recommendations mainly in the sectors of VAT, corporate law and public contracts, while it also introduced regulations simplifying procedures in the sectors of tourism, energy, telecommunications and medicines.

AMNA