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13.1. Books and Records

Businesses in Greece are required to keep sufficient records of their income and expenditure, including profit and loss account, balance sheet, and other supporting documentation.

The books and records must be written in Greek or English, and must be kept for a minimum period of 5 years. They may need to be kept for longer period of time if relevant to any pending cases before the Administrative Court.

Automatic Exchange of Tax Information

In line with EU’s directive on administrative cooperation in the field of taxation, Greece introduced a legislation to enable automatic exchange of financial information, between Member States, with effect from 1 January 2016. Financial information covered under the automatic exchange includes all relevant income (interests, dividends and similar types of income) of the taxpayer as well as account balances and sale proceeds from financial assets. Such information will be shared periodically between the Member States, without prior request.

Greece has adopted laws for implementation of EU Council Directive (EU) 2015/2376 concerning the exchange of cross border tax rulings and advance pricing agreements between EU Member States. The exchange generally applies for rulings issued, amended, or renewed after 31 December 2016, as well as for past rulings issued, amended, or renewed in 2012 and 2013 if still in valid on 1 January 2014, and rulings issued, amended, or renewed in 2014 to 2016 whether still valid or not.