Greece myDATA e-book in six Questions
The government of Greece is set to implement mandatory electronic bookkeeping for all taxpayers in 2020. We have prepared a set of key questions and answers regarding the new regulation.
What are the provisions of the new regulation?
As of June 2020, Greece will require suppliers to report invoice data for outbound invoices and their classification. In October it will be expanded to include buyers.
How can you report electronic files?
E-files can be sent to the myDATA portal
- a) directly from the ERP system*,
- b) using an electronic cash register,
- c) uploading manually for a small number of invoices, or
- d) via a service provider.
*Technically enabled ERP systems can transmit data to the portal without needing a third-party service provider.
Is there a required digital format?
Yes. Electronic files must be reported in XML format. The scheme is specified and updated regularly by the Independent Authority for Public Revenue.
What is the deadline for the submission of the documentation?
The deadline is the 20th of the month following the reporting period (on a monthly or quarterly basis).
What are the recent updates?
The government has already released technical documentation and it seems that there will be more in the coming weeks. Taxpayers are advised to start upgrading their IT systems to meet the e-book requirements as soon as possible.
How will it affect tax compliance and the business environment?
Government aims to reduce administrative burdens, maintain transparency, and reduce VAT fraud by e-bookkeeping. In addition, it is expected to save time and significantly reduce business costs.