Although the start of obligation of transmitting all of the data required for the fulfilment of myDATA obligation has been postponed several times, on March 13th, 2021 the latest postponement to July 1st 2021 was published.
However, none of the postponements did not relieve taxpayers in a complete manner regarding the official entering-into-force date, in reference to the reporting of data created from the beginning of 2021. Data generated in the grace period will still need to be submitted to the authorities through the myDATA but with a longer deadline – until October 31st, 2021.
Generally, myDATA, i.e., my Digital Accounting and Tax Application is an electronic platform, with which AADE (Greek tax administration) introduced e-books in the daily life of companies.
Officials have explained the purpose of this obligation in the direction of introducing digitization for the fulfillment of tax obligations, which will lead to automation of the completion of tax returns, enhancing the transparency of transactions and establishing credibility in the relationship between tax administration and companies.
The 3 most important principles of the myDATA requirements are the following:
- The Summary of the Income / Expenses of the Companies is transmitted and recorded
- The registered transactions are characterized
- The necessary Settlement Accounting Records are performed to determine the accounting and tax result of each year
There are 4 possibilities of transmitting the data:
- By using services of providers of electronic invoicing services
- Through the accounting management system (ERP)
- Filling special registration forms
- Via electronic tax mechanisms (Ф.Н.М.)
Check out the FAQ for certain additional information and consult your local accounting provider for the concrete implementation information.
Need to get and/or to remain compliant? Get in touch!
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