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Greek VAT on crowdfunding

  • Jan 22, 2016 | Richard Asquith

Greek VAT on crowdfunding

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.

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He can be contacted at: He is part of the European leadership team which won International Tax Review's 2020 Tax Technology Firm of the Year. Richard trained as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.