According to the provisions of the Assessment and Collection of Taxes Law, as well as the Value Added Tax (VAT) Legislation, all businesses (including companies and self-employed individuals) that maintain stocks at the end of each fiscal year, are required to perform a stock take.
Stock take should include quantitative measurement and valuation of trading stocks units (including raw materials, finished products and work in progress).
Failure to comply with the law requirements, may lead to the imposition of penalties and/or could result to the rejection of the Tax Declaration by the Tax Commissioner.
Our office, is at your disposal for any further information or clarifications needed.