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.
For the latest deadline changes, follow our Greece myDATA blog for updates.
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.