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The Bank of Greece recommends anti-fraud VAT measures
Summary
The Bank of Greece has put forward a range of proposals to tackle Greece’s VAT gap, the measure of actual tax receipts versus expected, which is one of the highest in the EU at 25.8% (almost 26 percent ) €5.4 billion. Therefore, the persistent VAT gap of approx. 26% brings a range of digital recommendations.
What do these measures include?
Content
Measures the central bank has put forward for the upcoming period include:
- Mandatory use of electronic payments for retail outlets
- Automated VAT credit repayments, without manual approvals, to build trust in the VAT process
- Eliminating special VAT reduced rates in holiday locations
- Adoption of Artificial Intelligence, blockchain and similar cutting-edge technologies to identify VAT fraud
- Further adoption of electronic invoicing, building on the myDATA e-invoice and e-bookkeeping reforms
- Strengthening administrative cooperation in the field of VAT between the tax authorities of the EU Member States
The EU VAT Gap initiative will be launched later this year by the European Commission to help tax authorities share the best practices.
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