greece mandatory mydata e-books scheme and electronic invoices

What is myDATA?

Mydata or My Digital Accounting and Tax Application is Greece Revenue Authority AADE’s new electronic tax portal (myDATA portal) where users submit their tax information and keep records in electronic accounting books (e-books).

Who should use myDATA?

Taxpayers subject to Greek Accounting Standards (companies resident in Greece) must use this web portal to comply with AADE E-books (Ηλεκτρονικά Βιβλία ΑΑΔΕ) regulation. Companies NOT subject to Greek Accounting Standards cannot use it.

What data must taxpayers report in Greece?

  1. Summarized accounting documents such as invoices, credit and debit notes and receipts.
  2. Characterization (classification) documents which provide information about the nature of transactions (sales of goods, sales of services, purchases of goods, purchases of services, etc.).
  3. Accounting Settlement Documents that provides information about accounting entries used to calculate end-year tax and fiscal results including payroll and depreciation data.

How does tax compliance through myDATA work in Greece?

  1. Large taxpayers issue electronic sales documents and their characterizations in XML data format. They transmit them to MyDATA via web-service from their ERP system. Mydata sends a Unique Invoice Number called MARK for each successfully sent document. In addition, taxpayers send a paper invoice to the recipient of goods/services.
  2. Taxpayers automatically extract from myDATA the data of expense invoices transmitted by their suppliers for a given period. Independently, they also receive paper invoices from vendors and record them to ERP.
  3. Taxpayers match the expense invoices’ data with ERP invoice data retrieved from received paper invoices. They pass the MARKs to the SAP invoices for the matched invoices. Then, they create and send expense characterization documents from those SAP invoices with MARK in electronic XML format.
  4. Finally, all the taxpayers send accounting settlement documents which are needed for end-year tax results.

What are the dates for the transmission of financial data through the myDATA platform?

The invoicing reporting in Greece starts on 1 April 2021 for companies which send e-documents from their ERP accounting systems or Greece Mydata SAP software. The invoices issued in the period between 1 January 2021 and 31 March 2021 shall be transmitted until 31 October 2021. The summary accounting documents must be sent in real time. Payroll statements must be sent monthly. The transmission of the accounting settlement records will be annually; until the deadline of submitting income tax declarations.

Why Greece is mandating you to send E-Books and E-Invoices to their myDATA platform

The ultimate goal is to increase transparency and prevent tax fraud. Furthermore, it will  automate filing of tax returns, and relieve taxpayers of some obligations such as the submission of MYF, Customer-Supplier Statements. (Καταστάσεων Πελατών – Προμηθευτών, ΜΥΦ). Eventually business costs will substantially decrease.

Penalties for noncompliance with the Greek myDATA EBooks and E-Invoice regulations

The reported data on Mydata E-books will be cross-checked with the filed tax returns after a two-months period. In this period, taxpayers can enter corrective entries or supply additional documents  in case of a discrepancy. After this harmonization period, still present inconsistencies will trigger audits or penalties depending on the severity. There is a rumor that the penalties might be waived for the year 2021. However, we strongly recommend starting to comply on the date. ( 1 April 2021)