The forthcoming implementation of the myDATA platform by the Greek tax authority, AADE, signifies a transformative shift in the management of taxation.
As businesses grapple with the nuances of this new system, which calls for direct digital filing of several tax forms and mandates the reporting of transaction details to the tax office, understanding the intricacies is crucial.
This discussion aims to provide a comprehensive understanding of the myDATA platform, demystifying its impact on e-books and e-invoices, the submission timelines, and the role of certified e-invoice service providers.
As we explore these dimensions, we also ponder the broader implications of this digital transformation on the business landscape in Greece.
Key Takeaways
- The Greek tax office, AADE, will be implementing the myDATA electronic platform from 1 July 2021.
- The myDATA platform will require standardized e-book schema with monthly automated submissions.
- Direct digital filing requirements will be implemented for VAT, corporate income tax, and withholding taxes.
- Businesses will not be required to send e-invoices to customers, but will need to report transaction details to the tax office.
Overview
The MyDATA platform, mandated by the Greek tax office AADE, signifies a significant shift in how VAT and tax data is handled, reported, and stored.
This initiative introduces standardized e-book schema and an automated monthly submission process, whilst also providing multiple avenues for businesses to comply with the new digital filing requirements.
An analysis of the key aspects of this platform and a guide to its implementation will provide a clearer understanding of this significant development in Greek VAT reporting.
MyDATA Platform Key Details
Initiated by the Greek tax office, AADE, the myDATA electronic platform, set to take effect from 1 July 2021, introduces a standardized e-book schema and stringent digital filing requirements for key tax documents, fundamentally altering the landscape of tax reporting in Greece.
The platform enforces:
- The digitalization of accounting systems in compliance with Greek Accounting Standards.
- E-invoices and e-books data transmission to Independent Authority for Public Revenue (IAPR).
- Service providers’ role in maintaining digital records, streamlining electronic tax reporting.
Guidance on MyDATA Implementation
As Greece’s tax authority, AADE, gears up to implement the myDATA platform from July 1, 2021, businesses across the country are grappling with a new era of digitized tax reporting and compliance.
Under this framework, electronic records such as invoices and VAT data will be transmitted digitally.
With a deadline of 93 days, Greek firms must adapt swiftly to these novel, comprehensive digital tax requirements.
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Frequently Asked Questions
What Is Mydata in Greece?
MyDATA is an electronic platform initiated by the Greek tax office, AADE, mandating digital filing for VAT, corporate income tax, and withholding taxes. It standardises e-books and transaction reports, automating monthly submissions.
Is E Invoicing Mandatory in Greece?
E-invoicing is not mandatory for businesses in Greece to send to customers. However, businesses are required to report transaction details to the tax office through the myDATA electronic platform starting from July 1, 2021.
Can VAT Invoices Be Sent Electronically?
Yes, VAT invoices can be sent electronically. However, businesses are obliged to follow specific digital filing requirements and must report transaction details electronically, ensuring the integrity and authenticity of the content.
Conclusion
The implementation of the myDATA platform by the Greek tax authority, AADE, will revolutionize the way businesses handle their tax obligations in Greece.
The automation and standardization of e-book schemas and monthly submissions will offer increased transparency and efficiency.
Furthermore, the role of certified e-invoice service providers will become crucial in this new digital tax environment.
It signifies a pivotal shift in the Greek taxation landscape, emphasizing the importance of digital transformation in tax administration.
