Greek VAT on crowdfunding
- 23 January 2016 | Richard Asquith
The Greek ministry of finance has issued guidance notes on the VAT treatment of Crowdfunding projects. This follows a similar briefing from the EU VAT Committee last year.
The Greek guidance follows that of the Audit Committee. Reward-based schemes, whereby public cash investors will receive some goods or services in return for their cash investment represents a taxable supply for VAT. The VAT is due at the time of the transaction. The guidance makes it clear that the VAT should be based on the case investment, and not the value of the goods or services if they are lower.
The Greek guidance confirms that services for organizing crowdfunding projects are VAT exempt as a financial service.