Greece announces new dates for the transmission of financial data through the myDATA platform
Greece’s tax authority, the Independent Authority for Public Revenue (IAPR), has officially announced that myDATA, their platform for the transmission of fiscal data, is in production. The new timeline for businesses to begin sending this information through myDATA has also been published.
The IAPR has decided to carry out a gradual implementation so that companies have enough time to adapt their systems and procedures. For this reason, the start date has been moved to 1 October.
The new dates for businesses’ declaration of financial information through myDATA are as follows:
20 July: Companies that decide to use electronic invoicing providers may begin sending issued invoice reports voluntarily
1 October: All companies, regardless of their chosen method of transmission (from their ERP or through e-Invoicing providers), are required to declare the summary ofissued invoices and the classification of received invoices.
Before 31 December: All businesses must transmit the summary of invoicesissued between 1 January and September 30, 2020.
Before 28 February 2021: All businesses must send the classification of invoices received between 1 January and 20 September 2020.
How does tax complaince 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 providers
manually through the myDATA platform, an ideal option for small businesses
What information must be declared through myDATA, and who sends it?
Invoice Issuer: Summary of issued invoices
Invoice Recipient: Summary of received invoices, only if the issuer has not reported them to myDATA (for example, due to a failure to comply or in the case of imported goods)
All Companies: Classification of issued and received invoices according to their type. Apart from invoices, all companies must submit payroll information (monthly), depreciation (annually), as well as information related to income and spending such as accounting provisions and adjustments.
With this information, myDATA will generate two electronic accounting books: Detailed Books and Summary Books.
Under this system, the IAPR can supervise business transactions, ensuring that they comply with Greek law. They will have access to the accounting and fiscal data of companies through the electronic accounting books.
Tax contributors should keep in mind that this new system will not replace the current VAT declaration process.
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 unjustifed discrepancies, companies will be subject to inspection by the IAPR.