AADE Closes Four H&M Stores in Greece for Tax Violations

The Independent Authority for Public Revenue (AADE) has mandated the closure of four additional H&M stores in Greece for 48 hours as of June 20. This action follows a similar incident last week when a prominent outlet of the multinational clothing retailer in downtown Athens was shuttered. The closures stem from the discovery that the stores were issuing receipts but failing to transmit them to the AADE.

During their ongoing nationwide audit, AADE inspectors identified significant discrepancies at the southern Athens Glyfada branch, where between Jan. 24 and June 24, 33,800 receipts totaling a net value of 835,000 euros, plus 201,000 euros in VAT, were not reported. As a result, the Glyfada store was closed, and a fine of 101,500 euros was levied.

In addition to the Athens outlet, the Kalamata branch in the Peloponnese was shut down from December 2023 to June 2024 for similar offenses, involving 12,600 unreported receipts amounting to a net value of 263,000 euros plus 63,000 euros in VAT. This infraction led to a 32,000-euro fine for H&M.

Further fines were imposed on H&M stores in Volos, located in central Greece, and on the island of Rhodes in the Aegean Sea. These penalties amounted to 281,000 euros and 15,000 euros respectively, for analogous violations.

AADE auditors have initiated a thorough review of H&M’s financial records to assess the company’s overall tax compliance. The multinational clothing retailer launched its first Greek store in 2007 in central Athens and currently operates more than 35 stores across 14 cities in Greece.