In April 2018, Greece's Ministry of Finance announced its
intention to implement mandatory e-invoicing and e-bookkeeping
for all Greek entrepreneurs from January 1 2020.
The framework notes that invoices will be issued mandatorily
and electronically. After the electronic approval of e-invoices
by the recipient, their data will be transmitted in real-time
to the electronic system of the Ministry of Finance (Taxisnet),
ultimately updating the e-books of each entrepreneur.
The tax authorities will have, in real time, the recorded
transactions, and the corresponding taxes (VAT, withholding tax
(WHT), stamp duty) of each entrepreneur. As a result, the
reconciliation of e-books with the submitted tax returns will
be feasible during the year and not upon a future tax
The expected benefits from this new framework is the fight
against fraud and tax evasion, mainly through the reduction of
fake invoice issuance, and the performance of more targeted tax
audits on a timely basis. Moreover, the new framework is
expected to leverage and accelerate digital, simplifying the
invoice issuance process, and as a result, reducing the cost
Development of e-invoicing and e-books
The Independent Public Revenue Authority (IPRA) had
established a working group dealing with the implementation of
this project in 2018. The main target of the working group was
to consult with the stakeholders (i.e. entrepreneurs'
representatives, software providers, accountants), and to make
the necessary preparations for the system that would be tested
in 2019, before going live in 2020.
Up to now, the relevant legislation has yet to be amended,
and relevant guidelines have not been issued. The Governor of
the IPRA announced recently that the technical preparation has
been completed, and the system will gradually go live after May
Based on relevant publications, the new process will
initially apply to entrepreneurs who keep single-entry
accounting books, essentially individuals or personal companies
with turnover less that €1.5 million ($1.68 million).
During the first stage, given that mandatory e-invoicing has
not been implemented yet, the e-books will be updated by the
entrepreneurs by uploading the relevant information in
Given that the technical preparation has been completed, the
e-invoicing and e-bookkeeping processes will be mandatory for
all entrepreneurs. Corporations should adopt their enterprise
resource planning (ERP) and amend their internal processes and
tasks of people dealing with finance, tax and accounts
payable/accounts receivable (AP/AR).
The new process may lead to simplification cost efficiencies
in the long term, but the first stage of implementation assumes
additional costs. As a result, the IPRA should ensure that the
new process will not add unnecessary administrative burdens to
taxpayers, the Taxisnet platform, and the service providers
considering e-invoicing will be reliable and the process will
comply with GDPR.
Moreover, it should examine the grant of incentives for
early adopters, the elimination of existing tax compliance
reporting, the reduction of the statute of limitation for the
performance of a tax audit, and finally, the reduction of tax
The implementation of e-invoicing and e-bookkeeping can be a
win-win situation, like in Italy and Portugal, provided it is
designed properly and enough time is granted to entrepreneurs
to adopt the new process.
John Goulias (firstname.lastname@example.org)
Tel: +30 210 2886000