Best Accounting & Auditing Lawyers in Vouliagmeni

About Accounting & Auditing Law in Vouliagmeni, Greece

Accounting and auditing in Vouliagmeni follow national Greek and European Union rules. Businesses based in the Municipality of Vari-Voula-Vouliagmeni are subject to the same framework that applies across Greece, which is closely aligned with EU directives. Financial reporting is governed primarily by Law 4308-2014 on Greek Accounting Standards, which implements the EU Accounting Directive. Listed companies and certain groups apply International Financial Reporting Standards based on EU Regulation 1606-2002. Statutory audits are governed by Law 4449-2017, the EU Audit Directive, and the EU Audit Regulation, with public oversight exercised by the Hellenic Accounting and Auditing Standards Oversight Board, commonly known as ELTE. Tax reporting and electronic books are supervised by the Independent Authority for Public Revenue, known as AADE, including the nationwide myDATA e-books system.

In practice, this means that a business in Vouliagmeni must keep orderly books, issue compliant invoices, transmit data to myDATA, prepare annual financial statements under the appropriate framework, and, if size thresholds are met or if the entity is a public interest entity, undergo a statutory audit by a licensed audit firm. Professional licensing for accountants and tax consultants is handled by the Economic Chamber of Greece, while statutory auditors are licensed and supervised under ELTE. Filing of company documents, including annual financial statements, occurs via the General Commercial Registry, known as GEMI. Although the legal framework is national, local operations in Vouliagmeni often involve sectors such as hospitality, real estate, and services, each with specific accounting, VAT, and audit considerations.

Why You May Need a Lawyer

You may need a lawyer when choosing the correct accounting framework, drafting or reviewing corporate statutes to permit IFRS adoption, setting up or restructuring a company, or preparing for mergers, conversions, and cross-border expansions. Lawyers assist in interpreting audit requirements and thresholds, preparing resolutions for the appointment or removal of auditors, and structuring audit committees where required. During tax audits or inquiries by AADE, legal counsel is vital for managing information requests, responding to assessments, negotiating settlements, filing administrative appeals, and escalating disputes to the courts. If your business faces an inspection or disciplinary matter before ELTE, legal representation is critical to protect licenses and manage findings.

Lawyers also help design compliant internal controls, draft policies for revenue recognition and inventory, align contracts with VAT and withholding tax rules, and navigate transfer pricing documentation. In sectors common around Vouliagmeni, such as hotels, short term rentals, food and beverage, and marine services, legal guidance helps address special VAT rates, accommodation levies, municipal fees, tourism specific reporting, and payroll compliance for seasonal staff. If you are a foreign investor, counsel can guide permanent establishment questions, branch versus subsidiary choices, and the interaction of Greek rules with double tax treaties.

Local Laws Overview

Accounting framework. Law 4308-2014 sets Greek Accounting Standards, including size categories based on assets, turnover, and employees. Micro and small entities benefit from simplified disclosures, while medium and large entities face more extensive presentation and audit considerations. Listed companies and certain groups prepare IFRS financial statements. Books and records must be maintained in an orderly manner, in Greek language and euro for official purposes, with electronic archiving accepted if integrity and readability are ensured.

Electronic books and e-invoicing. The myDATA platform operated by AADE requires near real time transmission of sales data and periodic classification of income and expenses. Many businesses adopt certified e-invoicing providers to streamline compliance. Failure to transmit or classify can trigger administrative fines, disallowance of expenses, and follow up audits.

Statutory audits. Under Law 4449-2017, an audit is required when a company exceeds at least two of these three thresholds for two consecutive years, assets, net turnover, and average employees. Greece aligns with EU benchmark thresholds. Public interest entities, such as listed companies, banks, and insurers, are always audited. Auditor independence, partner rotation, and audit committee oversight follow EU rules, with stricter rotation for public interest entities.

Corporate approvals and filings. Most companies must prepare annual financial statements, have them approved by the general meeting within statutory deadlines commonly within six months from year end for sociétés anonymes, and file them with GEMI shortly thereafter. Non compliance can lead to penalties and director liability under company law.

Tax framework. The Income Tax Code and the Tax Procedures Code govern calculation, reporting, audits, and penalties. VAT generally applies at a standard rate of 24 percent, with reduced rates for certain goods and services. Payroll, social insurance, and labor filings are made through the relevant systems such as EFKA and ERGANI. Transfer pricing documentation is required for related party transactions above specific thresholds, typically set at 100 thousand or 200 thousand euros depending on turnover, together with a summary information table filed with AADE.

Retention and language. Accounting records and supporting documentation must be retained for at least the tax audit limitation period, generally not less than five years from the end of the fiscal year, and longer if an audit is ongoing or special circumstances apply. Official books are kept in Greek and euro, while foreign language documents may require translation upon request by authorities.

Oversight and professional licensing. ELTE supervises audit firms and statutory auditors, conducts quality inspections, and enforces independence and quality standards. The Economic Chamber of Greece licenses accountants and tax consultants. The Institute of Certified Public Accountants of Greece, known as SOEL, is the professional body for statutory auditors.

Frequently Asked Questions

What accounting framework will my business in Vouliagmeni use

Most entities apply Greek Accounting Standards under Law 4308-2014, which vary by size. Listed companies and entities that choose or are required to do so may apply IFRS. The choice depends on listing status, group reporting needs, and company statutes, and may require shareholder approval.

Do I need a statutory audit

Yes if you exceed at least two out of three size thresholds for assets, net turnover, and average employees for two consecutive years, or if you are a public interest entity. Small entities below thresholds typically are not audited, but lenders or investors may still request an audit for assurance.

Who appoints the auditor and for how long

The general meeting appoints the statutory auditor annually or for a defined term according to company law and the articles. The auditor must be registered with ELTE, confirm independence, and issue an engagement letter. Public interest entities follow stricter rotation rules for audit partners and firms.

How does myDATA affect my invoicing

Sales invoices must be transmitted to myDATA close to real time, and both sales and purchases must be classified periodically. Many businesses use certified e-invoicing providers to automate transmission. Failure to transmit or classify can lead to fines and discrepancies in VAT and income tax assessments.

How long must I keep accounting records

Keep books, invoices, payroll records, and supporting documents for at least the tax limitation period, generally not less than five years from year end. If an audit or dispute is pending, retain records until it is fully resolved.

Are IFRS mandatory for my company

They are mandatory for listed companies and certain groups. Non listed entities may opt in if allowed by their statutes and corporate approvals. IFRS adoption affects measurement, disclosures, and auditor expectations, so legal and accounting advice is recommended before switching.

What are the penalties for non compliance

AADE may impose administrative fines for late or missing filings, disallow expenses for tax purposes, assess additional VAT and income tax with interest, and refer severe cases for criminal prosecution. ELTE can sanction auditors and firms for independence or quality breaches. Company law may impose director liability for failures to approve and file financial statements on time.

Do branches of foreign companies need Greek audits

Greek branches keep local books and file tax returns. A standalone statutory audit may not be required for the branch itself unless thresholds or sectoral rules apply, but the parent group audit often covers branch activity. Many larger entities obtain an optional tax certificate from statutory auditors, which can facilitate tax compliance.

What are the transfer pricing rules for related party transactions

Greek law requires a master file and local file when intra group transactions exceed set thresholds, commonly 100 thousand or 200 thousand euros based on turnover, plus a summary information table filed with AADE. Documentation must reflect arm s length pricing and be available promptly upon request to avoid penalties.

Can my records be in English and in a foreign currency

Official books must be in Greek and euro for tax and corporate filings. Supporting documents may be in other languages and currencies, but you must provide translations and euro conversions upon request by authorities or your auditor.

Additional Resources

Independent Authority for Public Revenue AADE, which operates the myDATA e books platform and supervises tax compliance.

Hellenic Accounting and Auditing Standards Oversight Board ELTE, which licenses and oversees statutory auditors and audit firms.

Economic Chamber of Greece OEE, the licensing authority for accountants and tax consultants.

Institute of Certified Public Accountants of Greece SOEL, the professional body for statutory auditors.

General Commercial Registry GEMI, the registry for company filings, including annual financial statements and corporate changes.

Hellenic Capital Market Commission for listed companies, covering financial reporting and auditor oversight for market participants.

Ministry of Development and Investments for company law and corporate governance matters affecting financial reporting and approvals.

Next Steps

Define your objectives, such as compliance check, audit readiness, IFRS adoption, or dispute resolution. Map your corporate structure, locations, and sector specific issues that arise in Vouliagmeni, for example hospitality or real estate activity.

Gather documents including corporate statutes and minutes, trial balances, ledgers, bank statements, contracts with customers and suppliers, payroll data, lease agreements, and your myDATA transmission status. Identify related party transactions and any cross border flows that may trigger transfer pricing documentation.

Consult a lawyer who works with accountants and statutory auditors. Ask for an initial risk assessment that covers bookkeeping quality, myDATA gaps, VAT exposures, audit thresholds, and filing deadlines with GEMI. For entities approaching audit thresholds, plan ahead for auditor appointment and independence checks.

Request a clear engagement letter that defines scope, timelines, deliverables, confidentiality, and fees. If a tax audit or ELTE inquiry is ongoing, authorize your lawyer to communicate with authorities, manage responses, preserve privilege, and coordinate with your accountant and, where applicable, your statutory auditor.

Implement corrective actions quickly, such as fixing myDATA mismatches, updating invoicing workflows, adjusting revenue recognition policies, preparing transfer pricing files, and scheduling board and shareholder approvals to meet statutory deadlines.

Schedule periodic reviews. In a fast changing compliance environment, quarterly or semiannual checkups help ensure that accounting, tax, and audit requirements are met on time and that your Vouliagmeni operations remain fully aligned with Greek and EU rules.