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.
The myDATA scheme applies to Greek taxpayers obligated by law to keep their accounting records as per the Greek Accounting Standards. It covers B2B, B2G, and B2C transactions.
myDATA eBooks record: a summary of income and expense transactions, classifications of transactions, accounting adjustments which aim to provide a comprehensive overview of the taxpayer’s accounting and tax results.
When businesses file their tax returns, the data declared in them will be reconciled against the data in the eBooks.
A discrepancy between the eBooks and the tax returns triggers a two-phased reconciliation process whereby the taxpayer should correct the resulting difference, otherwise audits or penalties will be incurred.
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 2021 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.
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