New Monthly VAT Declaration System: Who is Affected?

The new monthly VAT declaration system applies to businesses with simplified accounting books that are currently on the quarterly submission system, as stated by tax expert Athanasia Stolaki in an interview with ertnews. Starting from April 1, 2025, all businesses commencing operations will be required to submit monthly tax declarations. Companies that started their activities between January 1, 2024, and March 31, 2025, must also submit monthly VAT declarations, but this requirement becomes mandatory from July 1, 2025. Older companies that began operations before December 31, 2023, can opt into the new system voluntarily starting October 1, 2025. Businesses entering the new system compulsorily must remain for 24 months before choosing between monthly or quarterly submissions, committing to whichever option they choose for 12 months. Ms. Stolaki noted that double-entry bookkeeping businesses already submit monthly VAT declarations, so nothing changes for them. Regarding the IRIS payment system, which is popular among younger demographics aged 18-35, it is now expanding to cover all businesses. From November 1, legal entities must accept payments via IRIS compulsorily. All professionals must ensure IRIS payments go to professional accounts rather than personal ones, registered as such with the AADE. Due to its widespread use, the daily transaction limit is expected to rise from €500 to €1,000 this summer, split between individuals and professionals. Ms. Stolaki highlighted that over 790,000 tax declarations have been submitted without significant issues.