Business accounts
Since 01/01/2011 all transactions between businesses of any kind, as well as salary payments, must be processed though business bank accounts. A presidential decree sets the transaction thresholds subject to this rule. Banks are required to report all transactions to the General Secretariat for Information Systems of the Ministry of Finance.
Asset register
Over the next six months, the General Secretariat for Information Systems will compile an asset register for all individuals holding a Greek tax identification number. This register will record real estate, vehicles, aircraft, yachts, shares, funds, and partnership interests (excluding bank balances and Greek government bonds). A presidential decree will specify the methods for data collection and listing. The register submitted by taxpayers will serve as the basis for income audits.
Data checks
Regular electronic checks will be conducted under annual audit programs using risk criteria. Sample sizes will ensure effective supervision.
Electronic links to the Ministry of Finance
All ministries and public bodies will be electronically connected to the Ministry of Finance and are required to forward all economically relevant information (remuneration, compensation, claims, etc.).
Risk‑based audits
A risk analysis and scoring system will guide targeted audits of taxpayers, supported by annual control programs.
E‑invoicing
Businesses must issue electronic invoices. Starting 01/01/2011, invoices for transactions exceeding €3,000 will be accepted only in electronic form. Tax authorities will have direct access to the data.
Certified electronic signature
All entrepreneurs will obtain an electronic signature to interact electronically with the Ministry of Finance both on their own behalf and on behalf of others.
No cash for transactions over €1,500
Starting 01/01/2011 cash payments for transactions between individuals and businesses exceeding €1,500 are invalid. Payments must be made by card, crossed cheque, or electronic transfer.
Cash register systems
All businesses must issue receipts using certified cash registers.
Incentives to disclose corruption and tax evasion
Amnesties and rewards are granted to those who assist in uncovering corrupt public officials.
Faster procedures for fines and penalties
Deadlines are shortened, and procedures for administrative penalties are accelerated. Officials will be empowered to impose on-the-spot fines payable immediately. Business closures for repeated failures to issue receipts will be reintroduced. For professionals and entrepreneurs, failure to issue or incorrect invoicing will result in the loss of tax-free thresholds.
Seizure for public debts
Stronger collection measures will be implemented, including the seizure of assets from those who are able to pay.
Controls on transactions with offshore companies and thin capitalization
Purchases, expenses, rents, or interest arising from transactions with offshore companies or their representatives will not be recognized.
Transfer pricing between parent and subsidiary
Stricter and supplementary rules will be applied to Law 3728/08 regarding transfer pricing with entities in preferential tax jurisdictions, accompanied by the establishment of a new control body.
Sanctions for tax evasion and illicit trade
A stricter framework of criminal sanctions will be established for tax evasion and black-market activities.
Restructuring of tax authorities
A dedicated authority will oversee high-income taxpayers using all available data; separate authorities will handle the detection and audit of tax evasion; and a call center will be established to remind citizens of their tax obligations.
(As of May 2010. All information without guarantee.)