e-Tax Compliance, European e-Invoicing

Greece Announces New Dates for the Transmission of Financial Data Through the Mydata Platform

23.06.2020 (Updated)
Greece-tax-compliance

UPDATE 08/10: Greece’s tax authority, the Independent Authority for Public Revenue (IAPR), has postponed the roll out of myDATA, their platform for the transmission of fiscal data.

The new timeline for businesses to begin sending this information through myDATA is January 1st.

In the light of the complexity  that the myDATA implementation is posing for companies The Greek tax authority (IAPR) has decided to give more time to companies to adapt their systems and procedures in preparation for myDATA. Therefore, the start date has been moved from October to January 1st.  During this trimester, the project will be in pilot phase.

This is the second time the project has been delayed, The original compliance deadline was for April 1st 2020. 

How does tax compliance through myDATA work in Greece?

What is the Digital Accounting & Tax Application – myDATA?

myDATA is the platform created by the IAPR to digitize the declaration of companies’ financial and accounting data through the transmission of electronic records.

Through the implementation of myDATA, the government hopes to ease businesses’ compliance with their fiscal obligations. It is also hoped that the increased transparency will generate a climate of trustworthiness between the administration and businesses, reducing tax evasion and fraud.

The rollout of myDATA represents a great advance in the digital transformation of the Greek tax administration.

Which companies are required to declare through myDATA?

All businesses that manage accounting processes according to Greek regulations.

How to transmit electronic accounting records to myDATA

The government has established three methods companies can use to send information:

  • through their ERP
  • through e-invoicing service providers
  • manually through the myDATA platform (only for small business)
  • through cash registers connected directly to the IAPR

Which party must send the data and how often this data must be transmitted?

  • Income documents (e.g. accounts receivable invoices) must be reported and classified by the issuer in real time.
  • Expense documents (e.g. accounts payable invoices) in general do not have to be reported by the receiver since these documents will already have been reported by the issuer. Still, the receiver will have to classify this expense. However, if the issuer hasn’t reported the income document (e.g. the invoice issued by a company not in scope, for instance, a foreign company; or if the issuer simply didn’t fulfill its legal obligations), the receiver must also report the expense before classifying it. The expense must be reported and classified before the end of the VAT return submission period (last day of the following month), except for cases when the issuer of the document didn’t submit the document due to omission (not because the issuer was exempt from this obligation). In this second case, the receiver must report and classify this expense within the next 2 months after the deadline for VAT return submission has ended.
  • All companies must submit accounting entries required to determine annual accounting and tax results (payroll, depreciation, etc.). Accounting entries, except for payroll, must be submitted to myData before the submission of the income tax return (June 30). Regarding payroll, which must be submitted within the deadline of the withholding tax return (until the last day of the second month, i.e. March 31st for January payroll).

Electronic accounting books are separate from VAT declarations. In the case of discrepancies, the taxable entity will have 2 months to correct or justify the errors. In the case of unjustified discrepancies, companies will be subject to inspection by the IAPR.

 

B2B e-Invoicing in Greece

The government has defined the format and required data for B2B e-invoicing in Greece.

In line with European Union recommendations, the Greek electronic invoice format will follow the European Standard EN 1691-1 and the Peppol CIUS.

Currently, its use is voluntary.

Learn more about the potential benefits for your company

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