The long anticipated adoption of the tax bill was published in the official gazette on December 11, 2023. Law 5073/2023 (FEK A’ 204) on “Measures for the limitation of tax evasion and other urgent provisions” regulates, among other things, a number of aspects related to myDATA and e-invoicing, namely:
- The e-invoicing incentives provide to businesses who opt to use e-invoicing through an accredited e-invoicing service provider have been extended for two more years, i.e. 2023-2024. According to the Ministry of Finance’s statement in the parliament on December 8, 2023, electronic invoicing will become mandatory in Greece once the required approval is obtained from the European Commission.
- The mandatory transmission of income and expenses becomes effective from 1.1.2024 since the data reported to the myDATA platform and the data declared in the VAT returns must match. More specifically, the income declared in the VAT return and taken into account by the tax authority to determine the VAT and income tax for each business cannot be less than the income reported to myDATA, and the expenses declared in the VAT return cannot be more than the expenses reported to the myDATA platform.
- Penalties are imposed to businesses in the event of failure and overdue submission of the required data, as well as recurrence of the above violation within five years. The penalties relate only to violations of the compliant reporting of income from invoices and other accounting entries (not expenses), as well as the recently introduced e-transport document. The implementation timeline and other details about the adopted penalties is yet to be published.
If you want to know more about the Continuous Transaction Controls (CTCs) adopted by the Greek government to advance its VAT reform, from e-audit measures (myDATA) to e-invoicing, head to our blog here.
