The Public Revenue Authority (AADE) published a guide to frequently asked questions (FAQs) on December 15, 2017 for describing clarifications on the country-by-country (CbC) reporting. This guide explains the step by step process and obligatory items of submitting CbC Reports and also declares penalties for non-compliance with the CbC reporting requirements.
Greece’s CbC reporting requirements follow BEPS Action 13 guidelines and applies under the Bills 4484/2017. The submission date for the first CbC report is 12 months of the previous day of the reporting fiscal year. That means, the first such report shall be submitted for year 2016 (i.e. 01/01/2016 – 31/12/2016) by December 31, 2017. If the threshold requirement for the tax year ended 31/12/2016 is met, the Greek mutual entity must submit a Country Report covering the period 01/01/2017 to 31/12/2017. This report must be submitted by 31/12/2018. For the Report of the tax year expires on 31/12/2017, the notification must be sent to the AAD until 31/12/2017.
Under the enacted law, penalties for non-compliance with the CbC reporting requirements, a fine of twenty thousand (20,000) euros is imposed on the liable person, and in case of late submission or submission of an inappropriate Exhibition per country a fine of 10,000 (10,000) Euros is imposed.
