The Greek e-invoicing system will be rolled out in November 2021, after being delayed a few times because of the COVID-19 pandemic. Greek businesses will need to issue e-invoices and file tax information online, via the Greek e-invoicing and tax compliance platform called myDATA.
The purpose of this reform, similarly to other countries, is to close the VAT gap by minimizing tax evasion, get a better overview of the totality of sales transactions in Greece, and also streamline tax compliance for businesses.
In this article, we’ll look into the specifics of the Greek e-invoicing system and the deadlines that businesses must respect.
What is myDATA?
myDATA, which is short for My Digital Accounting and Tax Application, is the portal of the Greek tax office, through which businesses must issue electronic invoices and keep their books in electronic form.
The new system has been approved in 2019, but the Greek tax office, IAPR (the Independent Authority for Public Revenue) decided to delay its mandatory implementation to give companies more time, as many of them struggled to adapt to the new rules and requirements.
All Greek companies must use the myDATA platform for the purposes of e-invoicing, tax returns and bookkeeping, and as of November 1, 2021 the use of myDATA will be mandatory.
What information should companies report to myDATA?
Companies must file the following information:
- Revenue and expense summary documents
- Revenue and expenses by type
- Accounting information to establish tax results for the year, such as revenue and expenses, payroll, and depreciation.
In addition to that, Greek companies must keep a detailed book and a summary book containing the following information:
- Detailed book: Revenue and expense data, classification, entry adjustments
- Summary book: An overview of the company’s financial results, based on the data from the detailed book.
How do I use the myDATA platform?
You can file tax information to myDATA by using a software tool such as Fonoa that is compatible with the platform. The application you’re using will log the data you log into myDATA. MyDATA then validates the information and generates e-books, which then the app you’re using collects.
In fact, there are 4 ways to send information to myDATA:
- Through e-invoicing solutions
- Through ERPs
- Manually, via the myDATA platform, for small companies
- Via a certified cash register, for sales in retail.
How often should I declare tax information to myDATA?
Accounts receivable invoices and other revenue documents must be logged into myDATA in real time.
Accounts payable invoices and other expense documents don’t need to be logged into myDATA, as the supplier has already done that. In that instance, the buyer should only classify the expense.
In case the supplier hasn’t logged the invoice into myDATA, f.e. If they’re based abroad, the buyer must also report the expense, before the due date for VAT declarations, which is the last day of the following month.
Businesses need to report all accounting information to determine the annual results of the company. They can report information up to 6 months after the end of the tax year.
In parallel to the obligation to file myDATA reports, companies still need to file standard VAT declarations; the tax office will compare information between the two.
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.