- The Central Register of Bank Accounts was established by Law No. 154/2020.
- The reporting entities are financial institutions, both banks and non-banks, that administer bank accounts and safe deposit boxes.
- The implementation of the reporting obligation began in January 2021.
- Institutions that do not report are subject to penalties under that law.
- For the company and for the individual taxpayer for VAT, this means that the business account must be declared to the tax authorities within 20 days of registration.
The Central Register of Bank Accounts was established by Law No. 154/2020 as part of aligning with European Union legislation. It consolidates in one place the data that financial institutions report on bank accounts and safety deposit boxes.
The reporting obligation falls on financial institutions, not businesses. However, the practical consequence for businesses is direct and often misunderstood.
What changes for a business?
Until the registry was established, the link between a bank account and a tax entity depended on the entity's own declaration. Today, that link exists independently.
Therefore, the rule to keep in mind is not new, but it becomes more important. Companies, natural persons in VAT matters, and nonprofit organizations open the business bank account and declare it to the tax authorities within 20 calendar days of registration, in accordance with Article 59 of Law No. 9920/2008. The steps are on our website. Declaration in e-Filing.
Likewise, mixing personal and business accounts becomes more apparent and more costly. Why this is also an accounting problem is explained in our article on Mistakes after registering a business.
What needs to be checked today?
- If all business accounts have been declared on the tax returns, including those opened later.
- If the declared account matches the one actually used for receipts and payments.
- If business payments are made from the business account rather than the personal one.
Every time there is a tax or financial change that affects your business, we notify you directly by email with a practical explanation.
Send me free notificationsFrequently asked questions
Do I have to register my business with this registry?
No. The reporting entities are financial institutions. Your obligation is to declare the account to the tax authorities.
Within how many days is the business account declared?
Within 20 calendar days of registration, in accordance with Article 59 of Law No. 9920/2008.
What about the accounts opened later?
They are also declared. The obligation does not end with the first account.
Original notice of the General Directorate of Taxation
General Directorate of Taxes has begun implementing the legal obligation to report bank accounts, based on the law No. 154/2020 “On the Central Register of Bank Accounts”, as part of aligning our legislation with that of the European Union.
According to this definition, the carrier registry of data for this legal obligation has been established. The data reporting subjects are all financial institutions, both banks and non-banks, that administer bank accounts and safe deposit boxes.
Since January 2021, the Tax Administration has encouraged all of the aforementioned financial institutions to fulfill the obligations arising from this law.
Financial institutions that have not yet reported to the General Directorate of Taxes, by failing to fulfill their legal obligations, will be subject to further penalties under the provisions of this law.
Source: General Directorate of Taxes.