Greek legal entities come across many tax and associated legal problems, mainly because of the frequent amendments in the tax legislation as well as the ambiguities of the relevant tax provisions. Furthermore, there are numerous exemptions and beneficial provisions that should be taken advantage of. Also, there exist special regulations, ministerial, administrative and other circulars, which affect almost every aspect of a company's daily transactions.

All entities in Greece are obliged to maintain their accounting books and records in accordance with the detailed, bureaucratic and often ambiguous provisions of the "Books and Records Code". The regulations included in this Code extend to detailed procedures pertaining to the day-to-day transactions.

The consequences of a company's failure to fully comply with certain principal regulations specified by the "Books and Records Code" and / or the Income, VAT and other tax legislation can be extremely serious. They may consist of penalties levied on the responsible executives in instances where compliance with the "Code" does not exist or they may even lead to a "rejection" of a company's books and as a consequence the computation of its annual income for that fiscal year and subsequently the taxes and penalties by reference to a computed profit, based on gross turnover according to trading activity understood by tax inspectors. In this respect tax authorities perform surprise audits on Code compliance and especially to the movement of goods (i.e delivery notes good compliance to the "Code", etc).

In additional to the above, corporate legislation issues are in most of their aspects interrelated with tax and accounting requirements.

Thus, full compliance with the valid tax regulations is a sole option of a legal entity.