e-Tax Compliance in Greece – myDATA
The go live of Greece’s new e-Tax compliance system will finally occur in July 2021. As of that date companies must issue tax information electronically through the national myDATA platform.
The digitalization of the Greek tax system was approved in 2019 through Νόμος ν. 4646/2019. However, the health crisis caused by COVID-19 has delayed its implementation.
The Greek tax authority, The Independent Authority for Public Revenue (IAPR), understanding that many companies have faced difficulties adapting to the new tax reporting system has delayed implementation deadlines to give them more time.
Table of Contents
- What is My Digital Accounting & Tax Application – myDATA?
- What tax information must be reported through myDATA?
- What companies must declare taxes through myDATA?
- What is the compliance deadline?
- What tax information must be sent through myDATA?
- What is the compliance deadline?
- How to issue e-books through myDATA
- Who must declare tax data through myDATA and how often?
What is My Digital Accounting & Tax Application - myDATA
myDATA is a platform created by the IAPR to digitalize the tax and accounting declarations of companies through the issuance of electronic accounting books.
The IAPR is implementing myDATA because it wants to facilitate tax compliance for companies and achieve greater transparency in their transactions. This will help foment an environment of trust between the tax authority and private companies and will reduce tax fraud and evasion.
The implementation of myDATA is a major leap in the digital transformation of the Greek tax authority.
What Companies Must Declare Taxes Through MyDATA?
All companies that conduct accounting according to Greek accounting norms.
What Tax Information Must be Reported Through MyDATA?
Companies must report:
- Summary of revenue and expense documents (synopsis)
- Classification of revenue and expenses by type
- Enough accounting entries to determine end of year accounting and tax results (for example, payroll, depreciation, revenue / expenses accumulated at year end)
Besides facilitating the declaration of accounting and tax information through myDATA, two electronic books will be generated and updated:
- (Detailed Book): contains the revenue and expense document data, the classification of these documents, and the accounting entry adjustments,
- (Summary Book): Document that reflects a company’s tax and accounting results in an aggregate manner based on information provided in the detailed book.
What is the Compliance Deadline?
As of July 1st 2021 all companies must transmit accounting data required by the IAPR through myDATA.
The data from the first semester must be reported before October 31st 2021.
How to Issue Information to the MyDATA Platform
Receiving information from the ERP, EDICOM’s Global Compliance solution transforms data into the format required by the IAPR and sends them to the myDATA platform. MyDATA then generates the accounting e-books and validates the information through a series of acknowledgements. EDICOM’s platform then integrates the acknowledgements into the company’s ERP, keeping you updated on the status of your communications with the myData platform. The whole process is instantaneous and transparent.
The government has established four ways to send information:
- Through ERPs
- Through e-invoice providers
- Manually through the myDATA platform (only small companies)
- Certified cash registers for retail sales transactions.
Who Must Declare Tax Data through myDATA and how often?
- Revenue Documents (for example, account receivable invoices) must be reported and classified by issuers in real time.
- Expense Documents (for example, accounts payable invoices) Generally they don’t have to be reported by the recipient since they have already been reported by the issuer. The recipient should classify this expense. However, if the issuer has not reported the revenue document (for example, and invoice issued by a foreign supplier, or if the issuer did not perform its legal obligation), the recipient must also report the expense before classifying it. The expense must be reported and classified before the end of the VAT declaration period (last day of the following month), except in cases where the issuer has not reported the document by omission (not because the issuer is exempt from the obligation). In this second case the issuer must report and classify this expense within the two months following the end of the VAT declaration period. The first declaration period is August 31st for the expenses in July.
- All companies must report the necessary accounting entries to determine the annual tax and accounting results (payroll, depreciation, etc.) accounting entries will be reported until the end of the sixth month after the end of the fiscal year.
- Payroll will have to be reported during the withholding declaration period (until the last day of the second month. for example, September 20th for July payrolls)
The digital tax declaration model will coexist with the current VAT declarations. The Greek tax authority IAPR will cross reference the myDATA e-books with VAT declarations. If there are any discrepancies taxpayers will have 2 months to correct any errors. Failing to correct any errors within the established period can trigger audits by the tax authority.