IN FOCUS: UPCOMING VAT REFORM e-Reporting via e-invoicing vendor Reporting of all data has been mandatory since 2020 for taxpayers who opted to use accredited vendors for e-invoicing and reporting and wish to receive associated e-invoicing incentives. It’s worth noting that the IAPR has taken steps towards embracing some type of CTC e-invoicing by introducing relevant documentation which relates to the framework of e-invoicing service providers. Businesses should expect further information in the coming months providing welcome clarity on the shape and form of such a clearance system. e-Reporting via ERP The purpose of the e-reporting obligation is to populate and maintain online ledgers ‘e-books’ on the IAPR’s platform. scheme for 2020. From 1 October 2021, myDATA becomes mandatory for certain taxpayers and certain data, i.e. income. From 1 November 2021, all other taxpayers must report income data to myDATA. For 2021, there is no requirement to report expenses. Historical data issued prior to the go-live date must be be reported in real-time. the submission of VAT returns, which is monthly for double entry accounting books and quarterly for single entry. Monthly and yearly accounting data will be reported in those respective timeframes. Reconciliation: Data reported to myDATA is used to populate a set of online lede data in the tax returns will be reconciled against the e-books data. Consistency is essential as any anomalies may trigger audits or penalties. Central to the new reform is the IAPR’s e-books scheme, myDATA, meaning Digital Accounting and Tax Application. It requires trading partners to report a series of accounting data, captu same name as the scheme. It has several interrelated strands, two of which are key for B2B (for companies doing business with other companies): WHAT’S HAPPENING? myDATA TIMELINE WHO’S AFFECTED? Like many other countries, Greece’s tax authority, the IAPR, is introducing a tax reform to increase collaborative environment where the data the companies provide own books but will also often auto-populate their trading partner’s tax records in myDATA. Apart from he reform enables the government to have ts or penalties where discrepancies arise. e-Reporting via taxpayer ERP/accounting system Summary of income and expense documents e.g. sale of goods, provision of services Monthly and year-end corrective accounting entries which determine the taxpayer’s accounting and tax result e-Reporting via accredited e-invoicing service providers A A B B Go-live of mandatory reporting of income transactions, and voluntary reporting of service providers, for taxpayers who have opted for this reporting method Go-live of mandatory reporting of income data via ERP method for certain taxpayers Go-live of mandatory reporting of all data Go-live of mandatory reporting of income data via ERP method for all other taxpayers Mandatory submission of POS data: phased roll-out scheduled to begin 20 Jul 2020 1 Oct 2021 1 Jan 2022 1 Nov 2021 Deadline by which historical income data issued prior to go-live date (1 Jan - 30 Sep/31 Oct 2021) must be reported 31 Mar 2022 1 Sep 2021 Issuer non-reported data issued until 31 Dec 2020, can be reported by the recipient from 1 Jan until 31 Mar With teams throughout Europe, North America and Latin America, future-proof solution for VAT compliance. Encompassing tax determination, e-invoicing and tax reporting to governments globally, we safeguard businesses from the burden and risk of modern tax. We are a global leader in tax compliance with a mission to solve tax for good. ABOUT US Trusted by half the Fortune 500 and the world’s smartest companies Sovos Europe @SovosEurope www.sovos.com | emeainfo@sovos.com that maintain their accounting records according to the Greek Accounting Standards (Law 4308/2014) regardless of size, form (e.g. partnership or limited liability company) or type of accounting books (e.g. single or double entry) are in scope. All companies established in Greece myDATA platform (e-books)Next >