Following the latest regulatory update, MyData will enter into force on 1 July 2021.
Many countries have had to delay their plans to digitise their invoicing processes due to the pandemic. Greece has been no exception. The Greek government had planned for the MyData tax platform to come into force on a mandatory basis in 2020. It had to postpone it until April 2021. And finally, the Ministry of Finance together with IAPR, the tax authority, had to postpone again this obligation due to the current situation caused by Covid-19.
Now, the obligation to use MyData will start on 1 July 2021.
MyData: What do you need to know?
MyData is the platform through which companies communicate electronically and in real-time with the IAPR. Businesses must report information in relation to:
- Invoices and retail receipts.
- Classification of income and expenses
- Additional data not related to invoices, e.g. payroll, depreciation and amortisation.
Greek companies can communicate with the platform in different ways:
- Through a web portal. Specially designed for small companies that want to report data manually.
- Online cash registers. Companies will have to report daily receipts from sales to end customers.
- Integrated communication with ERP or similar software.
- Certified service provider. Companies may also choose to connect with a provider and avoid having to develop direct integration with MyData.
According to official sources, the introduction of the MyData platform has three main objectives:
- To digitise and automate processes related to tax compliance.
- To increase transparency and traceability.
- Optimise and harmonise the relationship between the tax administration and companies.
Finally, it is important to note that, although mandatory reporting to MyData comes into force in July, companies will have to report all transactions for the first half of 2021. To do so, companies will have time until 31 October 2021.