ECONOMY

Thousands of SMEs can drop out of VAT payment system

By Prokopis Hatzinikolaou

Small and medium-sized Greek enterprises with an annual turnover of up to 10,000 euros will be able to spare themselves from the system of value-added tax returns as long as they submit an application by Monday, January 12.

Up to 415,000 SMEs are eligible for the provision that will allow them not to charge VAT on the receipts and invoices they issue and relieves them of having to submit a quarterly VAT statement and payment.

The turnover threshold of 10,000 euros concerns the 2014 financial year and does not include VAT.

Farmers and sellers of new vehicles are not eligible.

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