The new electronic tax system was initially, set to be introduced on 1st January 2020, after it was approved by the Greek parliament in December 2019 in the Tax Reform Act 464. This has now been delayed to 18th April 2020, when it will become mandatory for companies to supply electronic invoices to the Greek authorities.
The Greek tax authority has selected a list of companies to start testing the My Digital Accounting and Tax Application (my DATA). The companies will provide the tax data electronically with my DATA. All selected companies must meet the requirements that are necessary to follow the myDATA platform. The IAPR will implement the mandate gradually and the companies need to report the summary of transaction data using the following technical specifications:
The data submitted through my DATA will generate two electronic books:
Initially, myDATA will co-exist with the current VAT scheme. In case of discrepancy, taxpayers will get 2 months to correct their errors. In addition to the tax digitalization, it will become mandatory from 18th April for Greek authorities to receive electronic invoices as proposed by European Directive 2014/55/EU.
It is anticipated that myDATA mandate will be published in the upcoming months, though it could see a further delay as the entire world is facing the Coronavirus pandemic, which is a priority at this moment and its forcing governments to implement extreme measures for the betterment of business in the country.
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