Expected postponement to myDATA electronic books ( myDATA-Ηλεκτρονικά Βιβλία ) comes at the last minute.
Mandatory electronic reporting of accounting documents to Greek Revenue Authority (AADE) has been postponed to 1 January 2021. The previous date for taxpayers who keep accounting records according to Greek Accounting Standards was 1 October 2020.
According to the publication made by AADE, the primary reason for the postponement is Covid-19 which made the businesses struggle with their processes. However, it is known that the Mydata system needs some regulatory and technical changes to be completely ready. Also, Greek businesses are struggling with adapting their ERP system to the new electronic reporting rules due to its complexity.
How does the electronic bookkeeping process work?
It seems that businesses will start the e-invoice reporting process as real time from the beginning of the new year. Businesses with a small number of invoices up to 50 invoices per year could create the e-invoices directly at mydata portal. However, the rest of the business will have to update their ERP system to send revenue invoices and purchase invoices and their respective transaction classifications in a phased manner to the government’s portal. Electronic accounting books of the supplier and buyer will be updated accordingly. For the reconciliation, the tax data of e-books and vat returns ( which is submitted separately) are compared and any discrepancies are delivered as a message through mydata system. If the discrepancy has not been solved by businesses until the reconciliation period deadline, the Revenue Authority may impose fines following an audit.
Is e-invoicing mandatory in Greece?
Electronic invoicing or e-invoicing for business to business (B2B) transactions will stay optional until Greece initializes the deregulation from EU law. The law asks for buyer’s permit to receive invoices in electronic format. This prevents EU governments from mandating a full e-invoice clearance model. Italy has finalized the deregulation process and made b2b e-invoicing compulsory for all taxpayers. France is expected to do the same soon.
For more detailed information about Greece MyDATA E-book please read our blog post here: https://snitechnology.net/blog/long-awaited-the-greek-saf-t-is-on-the-home-stretch-now-with-mydata/
Are you looking for a solution?
SNI Greece E-books SAP add-on will be able to do all the steps automatically with connecting your SAP to the Mydata portal. Two-way communication between a company and mydata is guaranteed which enables smooth transmission of outgoing and incoming invoices.