- WHAT IS myDATA
This refers to the obligation of electronic transmission in real-time or at the latest by the 20th of the following month, of each business’s sales to the AADE.
As of 10/1/2021, the myDATA platform became fully operational, introducing mandatory electronic invoicing and mandatory transmission of data to the myData digital platform with the monitoring of all business income/expense transactions.
- WHO IT CONCERNS
The myDATA function concerns ALL businesses that keep single-entry and double-entry books and obligors are every legal entity and legal entity from business activity (such as Sole Proprietorships, General Partnerships, Private Companies, SAs, Law Firms, etc.).
- SINCE WHEN
As of 10/1/2021, it is MANDATORY to issue invoices electronically via commercial software for:
- businesses that keep single-entry books and have a turnover of more than 50,000 euros/year (for the 2021 obligation, the turnover of 2019 is considered) or
- businesses that keep single-entry books and issue more than 50 sales invoices per year
- for businesses that keep double-entry books, mandatory electronic invoicing applies when they issue more than 50 invoices per year. In this case, the annual turnover is irrelevant.
Businesses not belonging to the above categories are obliged to transmit sales invoices by the 20th of the following month.
- WHAT IS NEEDED FOR ADAPTATION TO myDATA
Once each business understands the obligation of the myDATA platform, it proceeds with one of the following actions:
- Upgrade or purchase invoicing software (Data transmission will occur in real-time)
- Upgrade fiscal and cash register mechanisms to enable real-time data transmission to myDATA. This concerns retail sales.
- Use the “timologio” invoicing tool provided by AADE, the application offered free of charge by AADE for the digital issuance of business documents and their transmission to myDATA in real-time. More information and instructional videos can be found here: www.aade.gr/timologio
- Continuation of manual invoice issuance and their entry by the issuer into the special entry form up to the 20th day of the month following the issuance date. For more information and instructions, click here. The form concerns businesses that keep single-entry books and whose gross income for the previous year did not exceed 50,000 euros. It also concerns businesses that, regardless of the books they keep, issue up to 50 invoices per year.
- We, as accountants, transmit your manual invoices on your behalf via the special entry form described above in combination with our software. For this specific service, there will be an additional charge depending on the type of transactions and the volume of documents.
- NEW OBLIGATIONS OF THE ACCOUNTANT
Due to myDATA, the business, through the accountant, must: electronically transmit the summary of expense documents it receives, document them, cross-check them, classify them, and finally submit all the business’s tax obligations according to the myDATA electronic file.
ATTENTION! The myDATA platform does not replace the books that businesses are required to keep (single-entry or double-entry). Businesses, according to Greek tax law, will continue to have the obligation to maintain accounting books and therefore to record income and expense documents.
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WILL THERE BE FINES OR PENALTIES?
The year 2022 is the year of full implementation of electronic invoicing. To date, no circular has been issued regarding penalties for non-transmission. The circular is expected by the end of the year and is anticipated to include particularly high fines and penalties.
Due to the tight deadlines and because significant time is still required for familiarization (for all involved), regarding the multitude of peculiarities concerning “complex” accounting entries/representations, transmission of income-expenses, we suggest taking advantage of the current grace period until the end of the year to be fully prepared by 1/1/2022.
Due to the tight deadlines and because significant time is still required for familiarization (for all involved), regarding the multitude of peculiarities concerning “complex” accounting entries/representations, transmission of income-expenses, we suggest taking advantage of the current grace period until the end of the year to be fully prepared by 1/1/2022.
