Greece Upgrades Tax - Data System Used to Exchange Financial Information With U.S.

Greece’s tax authority is upgrading the technology it uses to exchange financial-account information with the U.S., as governments increasingly rely on automated data sharing to identify money held across borders and combat tax evasion.

The Independent Authority for Public Revenue, known by its Greek initials AADE, has launched a public tender to expand and modernize its FATCA Reporting System, or FRS. The contract covers new software development as well as maintenance and technical support.

FATCA - the Foreign Account Tax Compliance Act - is a U.S. law designed to identify financial assets held outside the country by people with American tax obligations. Through agreements with foreign governments, financial information is collected and transmitted to U.S. tax authorities.

In Greece, AADE’s reporting system provides the technological infrastructure supporting that exchange.

The planned overhaul goes beyond routine software maintenance. Tender documents call for the development of new functionality and changes to the operation of the existing system, alongside continuing technical support.

AADE described the work as an “immediate and urgent need,” reflecting the importance of maintaining the infrastructure behind international tax-information exchanges.

The authority also wants software development and ongoing support handled by a single contractor. Bidders therefore must submit proposals covering the entire project rather than competing for individual components.

AADE said the approach should provide a common timetable and unified management while reducing coordination problems that could arise if development and maintenance were divided among several contractors.

The initial contract will run for one year, with an option to extend it for as long as another 12 months. The winning bidder will be selected on the basis of the best combination of quality and price.

Companies have until Nov. 12, 2026, at 3 p.m. local time to submit bids. Participation documents and technical proposals are scheduled to be opened Nov. 18.