Greece Mydata 1 July 2021
Greece requires taxpayers to submit VAT electronic reporting. It will include invoice reporting and e-books with e-ledger details.
The reporting first requires the submission of sales invoices. At a later stage, purchase invoices must also be submitted; such include intra-community acquisitions and imports. Invoices submitted must consist of all those containing a VAT element (stock, fixed assets, etcetera).
In addition to sales invoices, taxpayers are expected to provide e-ledgers that include sales and purchase ledgers, payroll, fixed assets, and amortization. Taxpayers will also be required to submit 'summary books' that disclose primary accounts' totals. The Greek tax office will assess whether the quarterly VAT returns match with the e-books reporting.
We developed for clients in our SAP add-on:
The 'sales and e-book (purchases from EU and non-EU and accounting documents such as payroll, etc.) reporting requirements are extracted, can be submitted and managed in a cockpit. The AP domestic purchase requirement and is something separate that is met via the SAP add-on developed. The Client has to extract information submitted by the vendors on the Mydata portal and reconcile with invoices posted in SAP, and for all reconciled documents at the end it needs to submit a summary expense classification. In some cases, when the vendor is not submitting on MyData, the Client can trigger submission 'on behalf' to balance the expense book on the MyData portal.
The Greek authorities postponed that on December 31, 2020 one day before go-live, and the apparent reason is that the Greek design was incomplete and developers faced issues. Our SAP add-on is flexible and we are better equipped to adjust to new tax requirements introduced. During our development we follow strictly the tax requirements published, even if those do not make sense to combat VAT fraud. That results in that we can anticipate on future changes.
We hear rumors that again the go-live of MyData will be postponed.