Fast & effective accounting and auditing in Greece

All Greek businesses must adhere to International Financial Reporting Standards (IFRS). Overall, IFRS are market-oriented principles-based standards that demand more information than previous standards, i.e. local generally accepted accounting principles (GAAP). In their consolidated financial accounts, all local firms whose securities trade on a regulated market are obliged to utilize IFRS Standards as accepted by the EU. The adoption of IFRS is required for businesses having listed shares or securities, as well as corporations that are consolidated for accounting purposes with an IFRS-using firm if that company accounts for at least 5% of the consolidated turnover, consolidated assets or consolidated results.

The International Financial Reporting Standards (IFRS) are a collection of accounting benchmarks that regulate how certain kinds of transactions and events are recorded in financial statements. The goal is for the rules to be implemented consistently across the world, allowing investors and other users of financial statements to compare the financial performance of publicly traded firms on a like-for-like basis with their worldwide counterparts. The IFRS Framework defines the ideas that underpin financial statement preparation and presentation. Such principles serve as the basis for financial statements and serve as a platform for the development of standards.

Greece, as a member of the European Union (EU), follows the accounting, audit and financial reporting obligations outlined in EU decrees and directives that are implemented into national laws and decrees. The standards for preparing financial statements are outlined in Law 4308/2014. An annual report must provide an accurate picture of the company’s commercial and financial situation. A balance sheet, yearly return, profit and loss statement, and notes to accounts are required in financial statements. If the mandatory audit conditions are met, financial statements must be audited and reported to the registrar of public limited firms, as well as published in an official government publication.

Any public firm and all corporations that satisfy two of the following conditions in two consecutive years must be audited, according to the legislation:

• The balance sheet total is 4,000,000 EUR
• Turnover is 8,000,000 EUR
• The average number of employees per year is 50

All limited liability businesses and Greek branches of international banks are now required by Greek tax regulations to have their tax returns examined by a licensed Greek auditor. If a certificate of yearly tax audit is provided without reservations, the company’s tax concerns are regarded final, and tax authorities do not generally perform their own examination unless the taxpayer is selected for a selective inspection. Formationwise offers an independent audit service that focuses on risks that might have a significant effect on your financial statements. Our audit strategy, techniques, and documentation enable us to collaborate with your Greek company to meet your requirements.

The Euro is Greece’s official currency. We provide multi-currency payment processing solutions in a range of currencies, enabling you to include additional currencies such as GBP, USD, or Euros into your business operations. Simply email us your customers’ payment details and we will convert the currencies and guarantee that the exact amount is sent to the appropriate foreign account. We will also handle your customers’ incoming foreign payments, with or without currency conversion. We save you time and money by employing a safe and smooth online solution for all international payments and transfers. Register with us to send and receive money to Greece and get the best exchange rates and the most money into your accounts.

A Greek tax registration number is required for the intention of submitting income tax returns in Greece. Foreigners are supposed to file a yearly income tax return with the Greek tax authority that handles residents from other countries. Taxpayers above the age of 18 are obliged to electronically report all of their income, whether taxable or exempt, to the Tax Administration. In extraordinary circumstances, a tax return form may be printed and sent to the Tax Administration. The tax return form must be filed by June 30 of the next fiscal year. Formationwise can assist you with filing your Greek tax returns.

In Greece, there is no registration threshold for VAT. Domestic enterprises that conduct economic activity in Greece must register with the tax authorities, regardless of their yearly earnings. Furthermore, a taxpayer’s tax registration number is used for all tax purposes, including VAT, in Greece, therefore there is no need for a second registration for that purpose. Non-EU registrants must have a fiscal representative in order to register for VAT in Greece. In order to register for Greek VAT, non-EU enterprises must choose a fiscal representative. Formationwise can assist you with registering for VAT in Greece.

You do not need to go to Greece to get your accounting and auditing work completed. Instead, you can rely on the finest accounting professionals at FormationWise to handle all of your accounting needs in Greece, including accounting and financial audit, internal audit, tax audit, statutory audit, forensic audit, external audit, compliance audit, VAT reports, and bookkeeping services. We will spare you the trouble of traveling to Greece, allowing you to concentrate on the more vital areas of your business’s development and progress. Allow us to manage all of your financial duties while you sit back and relax in your home country.

To avoid double taxation and to facilitate collaboration between Greece and foreign tax authorities in applying their various tax rules, Greece has engaged in double taxation treaties with 57 countries. Draft agreements with more nations are currently being negotiated. A Double Taxation Prevention Treaty, in theory, allows tax paid in one of two nations to be offset against tax due in the other, so eliminating double taxation. When a particular income is taxable under the Greece Income Tax Ordinance but qualifies for an exemption (lower tax) under a Taxation Treaty, the income is taxed exclusively in accordance with the rules of the Taxation Treaty.