The Greek government has introduced a new electronic platform eTax called My Digital Accounting and Tax Application (MyDATA) for businesses to submit tax data. This platform is a mandatory requirement for businesses in Greece and will replace the existing electronic tax filing system. In this blog post, we will discuss the details of MyDATA, when it becomes mandatory, how the process works, and how SAP Document and Reporting Compliance can help businesses comply with the new regulations.
What is MyDATA?
myDATA (my Digital Accounting and Tax Application) is an electronic platform developed by the Independent Authority for Public Revenue (IAPR), the Greek tax authority. The platform aims to modernize and simplify the tax compliance process for businesses operating in Greece. By promoting digital record-keeping and electronic reporting of financial transactions, myDATA enhances tax transparency, reduces tax evasion, and improves the overall efficiency of tax administration.
Businesses in Greece are required to register on the myDATA platform, maintain digital records of their financial transactions, submit summarized transaction data to the platform regularly, issue and receive electronic invoices (e-invoices), maintain electronic books (e-books) for accounting records, and adhere to data retention requirements.
By implementing myDATA, the Greek tax authority seeks to create a more streamlined, transparent, and efficient tax system that benefits both taxpayers and the government.
When does MyDATA become mandatory?
The Greek government introduced MyDATA in October 2020, and it will become mandatory for businesses in Greece in 2021. This means that it is already mandatory.
How does the MyDATA process work?
The myDATA process in Greece involves a series of steps that businesses need to follow to ensure compliance with the country’s tax regulations. Here is an overview of how the myDATA process works:
- Registration: Businesses need to register on the myDATA platform using their tax identification number (AFM). Access to the platform is provided through Greece’s TAXISnet system, which is the government’s online tax services portal.
- Digital Record Keeping: Businesses are required to maintain digital records of their financial transactions, including sales and purchase invoices, and expense receipts. These records must include specific information such as the invoice date, amount, VAT details, and customer/supplier information.
- E-invoicing and e-books: Companies must issue and receive electronic invoices (e-invoices) and maintain electronic books (e-books) for their accounting records. E-invoices need to be transmitted through the myDATA platform or other approved electronic invoicing service providers.
- Reporting: Businesses have to submit summarized transaction data to the myDATA platform regularly. This includes data on revenue, expenses, and VAT. The frequency of reporting depends on the size and nature of the business:
- For large enterprises, reporting is typically done monthly.
- For small and medium-sized enterprises (SMEs), reporting is usually done quarterly.
- Data Retention: Companies are required to retain their digital records for at least six years, in accordance with Greek tax legislation.
- Compliance Deadlines: Businesses must adhere to specific deadlines for submitting their transaction data to myDATA. Deadlines may vary depending on the type of transaction and the size of the business. It is essential for businesses to stay updated on the latest deadlines and regulations to avoid penalties.
By following these steps and adhering to the myDATA requirements, businesses operating in Greece can ensure compliance with the country’s tax regulations, promote transparency, and contribute to a more efficient tax administration system.
How can SAP Document and Reporting Compliance help businesses comply with the new regulations?
SAP Document and Reporting Compliance is a comprehensive solution that can help businesses comply with the new MyDATA regulations in Greece. This solution is designed to ensure that businesses can generate, manage, and report on their financial data accurately and efficiently.
With SAP Document and Reporting Compliance, businesses can automate their financial reporting processes and generate reports in real-time. This solution can also help businesses monitor their transactions and ensure that they are compliant with the latest regulations.
In addition, SAP Document and Reporting Compliance can help businesses reduce the risk of errors and fraud in their financial reporting. This solution includes advanced analytics and reporting capabilities that enable businesses to identify and address any issues that may arise.
At Comweg, we are experts in SAP Document and Reporting Compliance, and we have a deep technical understanding of the einvoicing and statutory reporting around the world. Our team of experienced consultants will work with you to ensure that you are fully compliant with the legal regulations. We will work with you to implement SAP DRC in your company, and we will provide ongoing support and maintenance to ensure that the system runs smoothly.
Setting up a project for SAP Document and Reporting Compliance requires expert knowledge and experience. Consultants with specialized skills can help enterprises navigate the process, ensuring a successful and efficient implementation of SAP Document and Reporting Compliance in their systems.
Typical project lead time per country:
Successful implementation of SAP Document and Reporting Compliance requires effective collaboration between internal and external consultants. A dedicated team with specialized skills and knowledge can ensure a smooth and efficient implementation, delivering the benefits of SAP Document and Reporting Compliance to the enterprise.
To ensure long-term success of SAP Document and Reporting Compliance, proper maintenance and support is crucial. Externalizing this process to a partner can provide access to specialized skills and resources, helping to ensure a smooth and efficient maintenance and support experience. With a partner's expertise and dedicated support, enterprises can be confident in the continued success of their SAP Document and Reporting Compliance implementation.
MyDATA is a new platform that is designed to simplify the process of submitting tax data to the IAPR. Businesses in Greece need to prepare themselves for the new regulations and ensure that they have the necessary software and processes in place to comply with the new requirements. SAP Document and Reporting Compliance can help businesses comply with the new regulations by automating financial reporting processes, monitoring transactions, and reducing the risk of errors and fraud.
- https://www.sap.com/products/document-reporting-compliance.html – SAP Document and Reporting Compliance website
- https://www2.deloitte.com/gr/en/pages/tax/articles/mydata.html – Deloitte article about MyDATA in Greece
- https://www.taxamo.com/blog/mydata-in-greece-what-businesses-need-to-know – Taxamo blog post about MyDATA in Greece
- https://www.pwc.gr/en/publications/assets/mydata-mandate-is-coming-what-should-businesses-do-now.pdf – PwC guide about MyDATA in Greece
- https://www.papoutsoglou.com/news/2020/10/16/mydata-and-transaction-data-reporting – Papoutsoglou article about MyDATA and transaction data reporting.
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