BUSINESS

Conditions set for VAT rebate acceleration

PROKOPIS HATZINIKOLAOU

Independent Authority for Public Revenue head Giorgos Pitsilis

TAGS: Economy

The Independent Authority for Public Revenue is adopting faster procedures for the return of value-added tax within the legal period of 90 days, following a decision signed by the authority’s chief, Giorgos Pitsilis.

The decision concerns specific enterprises that due to their activity (exports) systematically generate VAT rebate amounts or conduct transactions that do not incur VAT in at least 50 percent of their activity. A series of conditions is also set related to the tax conduct of enterprises.

Companies therefore have to be inspected for at least three financial years and the sum of their VAT rebates – following the inspections – should not be any more than 5 percent more than the rebate demanded. Firms must also have committed no tax or customs violations.

IAPR figures show that the rebate demands by 6,568 enterprises amount to more than 890 million euros, with the average waiting time for payment coming close to 12 months.
 

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