Based on recent decisions of the Governor of the Independent Authority of Public Revenues in Greece, significant changes have been made to the application of a Value Added Tax (VAT) exemption on imported goods. These changes aim to address issues related to disputed customs values and certain categories of goods. The new measures, effective as of 24.07.2023, will impact importers and traders in Greece.
Previously, imported goods could benefit from a VAT exemption if certain procedures were followed. However, under the recent decisions, this exemption will no longer be granted if the declared customs value is disputed and subsequently increased by the customs authorities.
This change aims to ensure transparency and accuracy in the valuation of imported goods. By disallowing the VAT exemption when the declared customs value is disputed and increased, the Greek government aims to prevent potential tax evasion and protect the revenue of the state.
In addition to the changes related to disputed customs values, certain categories of goods will no longer be eligible for VAT exemption on import based on the aforementioned procedures. The specific categories affected have not been detailed in the recent decisions, but it is expected that they will be clarified by the Independent Authority of Public Revenues in due course.
These changes are part of the Greek government’s ongoing efforts to enhance tax compliance and revenue collection. By tightening the rules on VAT exemptions for imported goods, the authorities aim to ensure that all businesses contribute their fair share of taxes.
Importers and traders in Greece will need to review their procedures and ensure compliance with the new measures. It is crucial for businesses to accurately declare the customs value of imported goods and be prepared to provide supporting documentation if the customs authorities dispute the declared value.
Failure to comply with the new regulations may result in the denial of the VAT exemption, leading to additional costs for businesses. It is therefore advisable for importers and traders to seek professional advice and guidance to navigate these changes effectively.
The Independent Authority of Public Revenues will play a crucial role in implementing and enforcing these measures. They will provide further guidance and clarification regarding the specific categories of goods that are no longer eligible for VAT exemption on import.
It is important for businesses to stay updated on these developments and any subsequent announcements from the Independent Authority of Public Revenues. Compliance with the new regulations will be essential to avoid penalties and ensure smooth operations for importers and traders in Greece.
Overall, the recent decisions by the Governor of the Independent Authority of Public Revenues in Greece have brought significant changes to the application of VAT exemption on imported goods. These changes aim to address issues related to disputed customs values and certain categories of goods. Importers and traders must adapt to these new measures to ensure compliance and avoid any adverse consequences.