On 1 August 2019, the Greek tax authorities (IAPR) announced that the electronic bookkeeping application “my Digital Accounting and Tax Application” (“myData”) has been set for public consultation. This consultation will be open until 6 September 2019. It is envisaged that the myData pilot implementation will occur within Q4/2019 with wider go-live in 2020.
The core idea of the myData platform is that all transactions (both sales and purchases) of businesses required to follow bookkeeping under the Greek Accounting Standards (Law 4308/2014) will have to be reported electronically, in near real time. As a result of this, both the financial and tax results of these businesses will be calculated automatically and depicted in the myData platform. For this purpose, additional reconciling accounting entries will also have to be posted by relevant businesses in myData.
Source Grant Thornton
Latest Posts in "Greece"
- Nonprofit Status Does Not Exclude VAT Liability or Input Tax Deduction for Branches and Headquarters
- Greece Introduces Actual Use VAT Deduction Method for Mixed-Use Immovable Property
- Greece Clarifies VAT Rules for Self-Use of Professional Pleasure Boats
- Greece Clarifies VAT Rates for Self-Use of Professional Pleasure Boats in New Circular
- VAT Clarifications for Personal and Business Use of Professional Pleasure Boats in Greece
