Greece is expected to go ahead with the severally delayed introduction of electronic transaction-based reporting regime, myDATA (my Digital Accounting & Tax Application), from 1 July 2021. This includes quarterly reporting of electronic invoices and accounting books via the state myDATA reporting platform. In this sense, it is similar to the international Standard Audit File for Tax (SAF-T) reporting regime proposed by the OECD.
myDATA is operated by the Independent Authority for Public Revenue (IAPR). myDATA records the following information:
- Summary sales and purchase invoices
- VAT transaction ledgers covering payroll, capital depreciation, stocks
This will be held in two recording ledgers:
- Detailed Book: sales and purchase invoice information
- Summary Book: summary accounting and tax data précising the Detailed Book and organised by period.
This data can generally be extracted from a taxpayer’s accounting or ERP system. This will need conversation to the IAPR standard. Our VAT Filer can accurately populate any country VAT return, including the new Greek myDATA system with verified data from our VAT Calculator or VAT Auditor services. It is also possible to use third-party e-invoice agents, manual uploads to myDATA. Cash registers also need to be directly linked via the internet to myDATA.
myDATA system will automatically calculate the expected payable (or credit) VAT. Submitted VAT returns will be checked against the results provided by the myDATA system. The obligation to submit the supplier-customer domestic recapitulative statements is expected to be abolished.
Reporting requirements to myDATA
The reporting obligations for the above data is as follows:
- Sales invoices must be reported live.
- Purchase invoices should only be reported by the supplier. For invoices received from non-resident Greek taxpayers, the customer must report the transaction before the end of the VAT period reporting deadline. This is generally the end of the second month following the reporting period end.
- The above data must be submitted in full to the myDATA platform each quarter – the first return being due by 31 October 2021 covering Q2 2021. This follows the same reporting cycle as the Greek VAT return.
Europe e-invoicing and live reporting