Greece introduces VAT deferment scheme

5 July 2013

Greece has followed many other EU member countries by introducing a VAT deferment / warehouse scheme to help attract importers and stimulate trade. The scheme will enable EU importers to bring in goods VAT free under certain circumstances.

Importers may now avoid the cash flow problems of having to declare and pay Greek VAT at the point of importation, and sell the goods on into free circulation. This only applies if the goods are for onward supply by aircraft or sea vessels. Importers must also have a regular amount of imports above €300k per annum to qualify, and then export over 90% of these imports. Importers must apply for a special approval to be granted the VAT exemption.