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Greece: myDATA Law is Published as E-Invoicing Incentives Are Released

Joanna Hysi
June 26, 2020

myDATA updates

On 22 June, the joint Ministerial Decision that sets forth the myDATA framework was published. The decision specifies, among other things, the scope of application and applicable exemptions, the data to be transmitted, transmission methods and procedures, applicable deadlines and how transactions should be characterized.

Starting from January 2021, the required data must be reported to the myDATA platform in real-time. For information relevant to the year 2020, taxpayers have been awarded more breathing room: until the end of this year, the required data can be reported within 5 days after the issuance of an invoice, but not later than the 20th of the following month.

The implementation of myDATA will be performed in a phased manner, with ERP-based reporting of outbound and inbound data with their respective classifications starting from 1 October 2020. If a myDATA accredited e-invoicing service provider (according to the rules of the new framework) is used for e-invoicing, the reporting to myDATA through a service provider is possible from 20 July 2020.

A closer look at e-invoicing developments

To encourage businesses to adopt e-invoicing, the Ministry of Finance, through a draft bill published on 19 June, provided a number of incentives for businesses to use e-invoicing facilitated through service providers until the end of 2022.

The incentives provided are:

  • The statute of limitation for fiscal matters (the period during which a tax audit can take place) is reduced from 5 years to: a) 3 years for the issuer and b) 4 years for the receiver.
  • The deadline for processing tax refund claims is reduced to 45 days (from 90 days currently).
  • Twice the amount of the cost incurred for acquiring the technical equipment and software required for the implementation of e-invoicing is depreciated.
  • Twice the amount of the cost incurred for the issuance, exchange and archiving of e-invoices for the first year is recognized as a tax-deductible item.

Based on these recent developments, it is clear that the Greek government wishes to promote the adoption of e-invoicing in Greece but does not yet go so far as to make it mandatory. A decision specifying the details of the e-invoicing scheme is expected to be published by the IAPR in the very near future.

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Author

Joanna Hysi

Joanna is a Senior Regulatory Counsel at Sovos. Based in Stockholm and originally from Greece, Joanna’s background is in commercial and corporate law with research focus on EU law and financial innovation. Joanna earned her degree in Law in Greece and her masters in Commercial and Corporate from London School of Economics and Political Science (LSE) in London.
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