Key Tax Audit Insights from Eleftherios Rantos at Law and Taxation Conference

Our Partner Eleftherios Rantos had the opportunity to speak in a panel featuring some of the most distinguished tax experts in Greece, during the 6th Annual Conference on Law and Taxation by NOMIKI BIBLIOTHIKI.

In his presentation on “Developments in Tax Audits Under the New Code of Tax Procedure”, Eleftherios provided insights into the pivotal changes set to take effect on October 1, 2024, following the enactment of Law 5104/2024. This legislation introduces significant updates to the tax audit process for both individuals and businesses.

A key focus was the new obligation for tax authorities to present ‘new data’ as a prerequisite for conducting re-audits on previously audited periods and subjects. Additionally, Eleftherios highlighted innovative provisions that limit the duration of tax audits, aiming to ensure they are completed within a reasonable timeframe – but also raising his concerns on the efficiency of the new rules.

Moreover, Eleftherios discussed the new opportunities available to taxpayers, including the ability to accept audit results with a gradual reduction of penalties and fines. Taxpayers can also submit tax returns during the audit, facilitating compliance and reducing potential liabilities.

While these reforms aim to streamline the tax compliance landscape by fostering a more transparent and collaborative relationship between taxpayers and tax authorities, several issues remain in question and are expected to be addressed by the Courts in the near future.