MyData: Obligation to Electronic Invoicing & Electronic  Books

  • WHAT IS MYDATA PLATFORM
It is the obligation  to electronically transmit the sales of each business, in real time or at the latest on the 20th of the following month, to the AADE.

As of 01/10/2021, the myDATA platform entered into full operation, introducing mandatory and electronically transmission of data to myData’s digital platform by monitoring all incomes/expenses  invoices of businesses.

  • WHO IT CONCERNS
The myDATA function concerns ALL businesses that keep simple and double-entry books and people or any other entities that doing business activity.
  • SINCE WHEN

As of 01/10/2021, electronic invoicing through commercial ERP programs becomes obligation for:

  • businesses that keep single- entry books and have a turnover of more than 50,000 euros/year  (for the  obligation in the 2021 year the turnover of  2019 is the one that it matters)  or
  • businesses which keep single-entry books and edit more than 50   sales – invoices per year.
  • for businesses that keep double-entry books, compulsory electronic invoicing applies when they edit more than 50 invoices per year. In this case, the annual turnover does not play a role.
Businesses that do not belong to the above categories have the obligation to transmit the sales invoices by the 20th of the following month.
  • WHAT IS NEEDED TO ADAPT TO MYDATA
After each company understands the obligation of the myDATA platform, it proceeds to one of the following actions:
  • Upgrade or purchase of invoicing software (Data, invoices,  will be sent in real time)
  • Upgrading of tax mechanism and cashier to be able to transmit data to myDATA platform in real time. This measure mostly concerns  retail sales and their transmission in real time.
  • Use of the “timologio” platform  by AADE, app & website. It is an application provided free of charge by the AADE for digital issuance of the company’s documents and their transmission to myDATA in real time. More information and videos with instructions for use can be found here:  www.aade.gr/timologio
  • In the sequel about the handwritten editing of invoices and their registration by the editor in the special registration form until the 20th day of the month following the date of editing. For more information and instructions for use click  here. The form concerns businesses that keep single-entry  books and the amount of gross revenues that they have made in the previous year does not exceed 50,000 euros.  It also concerns businesses, which regardless of the kind of the  books they keep, edit up to 50 invoices per year.
  • We as accountants forward-upload to myData platform, your handwritten invoices, on your behalf through the special registration form described above in conjunction with our software. For this service there will be an additional charge depending on the type of transactions and the amount of documents.
  • NEW OBLIGATIONS OF THE ACCOUNTANT
Due to myDATA,  the company through the accountant should: electronically transmit of the summary of invoices, that concern expenses,  cross-check them, categorized them and finally submit all the tax obligations of the business according to the electronic file of myDATA.

WARNING!  The myDATA platform does not replace the books that businesses are obliged to keep (single or double entry). Businesses, based on Greek tax legislation, will continue to have the obligation to keep accounting books and therefore to record documents of income and expenses.

  • WILL THERE BE ANY PENALTIES?
2022 is the year of full implementation of e-invoicing. Up to date, there is no official statement by the Government, about penalties for non-transmission. The Official Statement is expected around the end of the year and is foreseen to include particularly high fines and penalties.
Due to the suffocating deadlines and because significant familiarization time is still required (for all involved), regarding the number of particularities concerning “complex”, accounting entries, transmission of invoices about income-expenses, we propose to take advantage of the current tolerance period, by testing, and corporation to the new obligations of myData platform, so at the end of the year to be fully ready on 1/1/2022.