According to the new proposal, companies can benefit from tax incentives for the implementation of electronic invoicing for the year 2023 as well.
Περιεχόμενα Άρθρου
Purpose of electronic invoicing
As part of the country’s digital transformation, electronic invoicing (eInvoicing) automates, simplifies, and speeds up procedures, minimizes the risk of entering incorrect data into the respective information system and facilitates the fight against tax evasion.
Electronic invoicing aligns the country’s companies with the guidelines of the European Commission and with the “VAT in the Digital Age” initiative and pillar 1 “Digital Reporting Requirements and Electronic Invoicing”.
Article to read:
Electronic Invoicing – Tax Incentives
For the greater adoption of e-invoicing by companies through the relevant provisions of the tax legislation, the incentives of reducing the statute of limitations for open tax cases, refunding taxes within 45 days, doubling the value, and deducting the costs associated with electronic invoicing from gross business income.
Tax Assessment Deadline
The period within which the Tax Administration can issue an act of administrative, estimated, or corrective tax assessment is set at three (3) years out of the five (5) which is the general limitation period.
Tax Refund Deadline
The deadline for tax refund requests, which relate to the tax year or years for which issuers choose and apply electronic invoicing exclusively, is set to 45 days, down from 90 days. The 45-day deadline also comes into effect in the case of the calculation of interest payment to the taxpayer, who pays tax unnecessarily.
Additional Tax Discount 1
The expenditure for the initial procurement of technical equipment and software which is required for the implementation of electronic invoicing is depreciated for tax purposes in full in the year of its realization, increased by 100%.
Additional Tax Discount 2
The expense for the production, transmission, and electronic filing of electronic invoices for the first year of issuing sales documents through electronic invoicing recognized as a deduction from gross income from business activity is increased by 100%.
Article to read:
Electronic Invoicing Timetable
The relevant tax provisions (Article 71F of the Income Tax Code) state that the incentives apply to legal entities for the tax years starting from January 1st, 2020, onwards and are granted from the first year of application of electronic invoicing, until the tax year 2022.
According to the provisions of the new bill, companies will be able to benefit from the above incentives for the tax year 2023 as well, provided that they have completed their incorporation by June 30, 2023.
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How can QBC help you?
Following the latest developments in tax legislation and having the necessary know-how, QBC Tax Consultants are at your side to help you achieve maximum tax compliance and benefit for your business.
In the context of our accounting outsourcing and supervision services, we support businesses in evaluating and restructuring their existing accounting systems to make them more efficient and effective.
For more information on corporate tax and accounting, you can contact us by phone at 216 900 7576 or submit a contact request and one of our Consultants will call you as soon as possible.
