Greece introduced a new continuous transaction controls (CTC) scheme, myDATA – an eAccounting system with eReporting elements, that requires taxpayers to transmit transactional and accounting data to the tax administration, in real-time or periodically, which populates a set of online ledgers maintained on the government portal. With taxpayers transmitting transaction data to the government portal myDATA system brings Greece in line with the global trend towards CTCs.
1 October 2020: Go-live of voluntary reporting of income and expense as well as classifications through all reporting methods (except for reporting through e-invoicing vendors was enacted on 20 July 2020).
1 October 2021: Go-live of mandatory reporting of income for taxpayers over a certain threshold.
1 November 2021: Go-live mandatory reporting of income for all other taxpayers. For 2021, there is no obligation to report expenses.
31 March 2022: Deadline for mandatory reporting of historical data issued prior to the go-live date.
Failure to achieve consistency between the data registered in the eBooks and the reported data in the tax returns triggers penalties or tax audits. Secondary legislation with details on the penalties is expected.
Sovos serves as a true one-stop-shop for managing all CTC compliance obligations in Greece and across the globe. Sovos uniquely combines local excellence with a seamless, global customer experience.