After being postponed a few times, electronic invoicing will finally become mandatory in Greece, starting from July 1, 2021. This follows the example of several other EU countries who have already introduced or are planning to introduce mandatory e-invoicing soon, such as, for example, Italy, Spain, Poland and Portugal, among others.
E-invoicing in Greece
At first, mandatory electronic invoicing was scheduled for January 2020, but because of administrative delays and of the Covid-19 pandemic, it was postponed, first for October 2020, and then finally for July 2021.
Electronic invoicing and record keeping will be implemented after July 1, 2021, as the Greek tax office, AADE, has announced. Businesses who have already prepared to issue and submit electronic invoices can start doing that after July 1, if they had already implemented the necessary business processes for this around the previous deadlines in January or October 2020. Nevertheless, they’ll have until October 2021 to do that: companies can submit data on transactions that happened in the first half of 2021 by October 31, 2021.
To enable the electronic submission of e-invoices and e-books, an electronic system called myDATA (my Digital Accounting and Tax Application) was introduced. Via the myDATA portal, Greek tax authorities are aiming to get full visibility into Greek businesses and their accounting data.
How will companies need to keep and submit electronic records?
Companies will need to keep two types of records:
- Electronic invoices. For B2B transactions within Greece, companies need to issue electronic invoices. Invoices must include accounting code details.
- Electronic books. In their e-books, companies will need to include cash ledger payroll, general ledger transactions, fixed asset transactions and depreciation provisions.
Companies will have a few options to submit their electronic invoices and books:
- Upload invoices manually (suitable for a low volume of invoices)
- Use an ERP or accounting software that is integrated to the Greek myDATA platform
- Use online cash registers which are certified and connected to the AADE
- Greek e-invoicing service providers
All digital books and invoices will be transmitted to the AADE, via the Greek myDATA system. The due date for filing all electronic records will the the 20th of the next month.
The Greek tax office will also be able to match the submissions of sellers’ and buyers’ VAT transactions, in order to identify and prevent discrepancies, errors or fraudulent submissions. This will be done via the myDATA platform as well.
In addition to that, e-cash registers for retail businesses are also planned.
Businesses will need to make sure they’re keeping their records correctly, and that they’re able to comply with the requirements of the Greek tax office before the changes are implemented.
Fonoa Automated Real-time Invoice Reporting Solution
We are aware that new regulations have a substantial impact on how businesses operate. That’s why we built Fonoa Reporting, a solution that automatically reports sales transactions to tax authorities around the world.
If your business is affected by real-time invoice reporting obligations anywhere in the world, reach out to us, and we will help you automate the invoice reporting process.