By Prokopis Chatzinikolaou
The pre-completion of VAT returns as Italy plans the financial staff in collaboration with AADE.
Within 2022, the pre-completion of the declarations is being considered as a pilot, as now with the universal application of the electronic books, all the data will be digitally located on the servers of the Independent Public Revenue Authority, a development that will allow it to calculate the due VAT. Of course, the submission of VAT is the responsibility of companies and traders. This means that where there is disagreement, business accounting can modify the data.
In addition to the pre-completion of VAT returns, the Greek government will expedite VAT refunds to businesses and professionals, while abolishing the consolidated statements of suppliers’ customers. Regarding VAT refunds, AADE is designing an automated system where those interested will be able to submit their application electronically and will see immediately the amount of VAT refund that they are entitled to be credited to the bank account without human contact. This procedure will be followed for the majority of refund applications and specifically for 97% of tax refund requests.
Along with e-books, businesses and entrepreneurs will have significant benefits in addition to those mentioned above. As stated in the legislation, those who choose electronic invoicing through a provider to issue and receive, or only receive, sales documents are limited by two years or one year, as the case may be, to the five-year period within which the Tax Administration may issue administrative, estimated or corrective tax assessment. At the same time, for those who choose the above procedure, they have further benefits such as:
– The cost of the initial supply of technical equipment and software required for the implementation of electronic invoicing is fully amortized in the year of its realization, increased by 100%.
-The cost for the production, transmission and electronic archiving of electronic invoices for the first year of issuance of sales documents through electronic invoicing, which is recognized as a deduction from the gross income from business activity, is increased by 100%.
The deadline for tax refund requests, which relate to the tax year or tax years, for which issuers select and apply only electronic invoicing, is set at forty-five days.
With the new system:
-Each business and freelancer who passes the invoices electronically obtains a unique MARK registration number.
-The data of the tax data issued must be registered no later than the 20th day of the following month from the completion of the quarterly or monthly VAT filing period.
– At the same time, the recipients of the invoices will see the invoices of the publishers in their own electronic books. At the same time, the tax forms of the income and VAT declarations are updated with the data of the books, as a result of which these declarations are pre-filled and allow the immediate cross-checking of all the data.
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Source From: Capital

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