The construction sector has always been one of the driving forces of growth for the domestic economy. By adding the construction sector to industries, trade, and professional services, its contribution to the formation of the country's GDP becomes even more significant.

The contribution of the construction sector is equally important to the overall development of a country. It is closely linked to investments in areas such as tourism, industry, and generally urban and regional development. The construction sector in Greece has also seen significant growth in recent decades, mainly since 1990.

As a natural consequence of this growth, modern technical companies, consulting-engineering offices, experienced and specialized technical personnel, and labor force have emerged, along with the overall development of know-how and technical equipment. Despite the recession that the sector has experienced since 2007, its contribution to the Greek economy remains significant.

Within this adverse climate for the construction sector, additional barriers regarding the sale of real estate have been imposed with the enforcement of VAT on residences with building permits after 1.1.2006. The situation further complicated with the obligation for construction companies to classify unsold properties as fixed assets after four years from their completion, incurring VAT payment.

Recently, however, in order to provide incentives for the recovery of the real estate market, the application of VAT on real estate has been suspended, considering the volume of unsold apartments for sale due to the prolonged recession that the sector has experienced.

The scientific team of Astbooks, taking all of the above into account, wanted to create a comprehensive guide regarding construction businesses. We hope that this 640-page publication, covering a multitude of topics with over 200 examples, will serve as a useful tool for accountants dealing with construction and technical companies, helping them to overcome potential difficulties they may encounter in their daily work due to the particular accounting and tax requirements they have.

Specifically, this publication includes:

Part A (VAT): Analysis regarding VAT on real estate, according to Article 6 of the Code. It includes a detailed analysis of the tax suspension as well as specific topics such as services related to real estate, commercial leases, etc.

Part B (Income Tax): Determination of profit from business activity and taxation thereof, depreciation, expense deductions, losses and their transfer, presumptions, withholding tax. Also included in this part are the provisions of the previous Income Tax Law (Law 2238/1994) for the imputed income calculation as well as the completion of Table H of Form E3 and Form N.

Part C (E.L.P. – myDATA): Keeping books and records, transmitting data to the platform such as sales contracts.