Implementation of the myData reporting platform postponed
As mentioned in our previous newsletters the implementation of the myData reporting platform for real-time reporting has been postponed from 1 April 2021 to 1 July 2021.
The Joint Decision A.1138/2020 of the Deputy Minister of Finance and the governor of the Independent Authority for Public Revenue (IAPR) determines the scope, timeline and details of the digital data transmission process. The new requirements will affect businesses that are established in Greece and will be subject to Greek Accounting Standards.
These are required to implement real-time data transmission of their business transactions that are now aligned to VAT reporting as follows:
- Using the myDATA platform directly; transmitting data through a connection between the ERP and the myDATA platform. Revenue reporting is classified and transmitted in real-time; whilst expense reporting is classified and transmitted at the end of the month following the period of reporting; or
- Using a licensed provider to issue sales e-documents instead of implementing direct reporting. The licensed provider will transfer sales documents to the recipient, its data content to the myDATA platform and digitally store the documents to create business records.
Retailers are required to upgrade their tills to electronic tills that will be connected to the platform for real data transmission of their sales. Tax incentives have also been introduced for the period 2020 to 2022 to encourage businesses to become compliant by using a licensed provider. The incentives are granted to businesses that transmit the 2020 revenue data in full and consist in the reduction of the statute of limitation, the 100% deduction of the implementation costs for the first year; and the reduction to 45 days timeline for the refund of tax due.
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