The Greek Finance Ministry has launched a consultation on its planned introduction of online electronic bookkeeping which will require all taxpayers to keep their accounting records digitally.

Further to our previous story on Greece’s plans to introduce a mandatory real-time electronic invoicing system, the initiative has been put on hold. For now, all efforts are going into launching the electronic reporting scheme (known as Epopis. It will be compulsory for all businesses required by law to keep their accounting records in accordance with Greek Accounting Standards

This system will be supported by a digital platform called myDATA (my Digital Accounting and Tax Application), which will receive and review the transactional data. This will enable the tax authorities to scrutinise companies’ transaction and provide insight into companies’ accounting and tax positions.

The platform will allow businesses to more easily carry out their tax obligations by simplifying their compliance burdens. In time, the platform is expected to facilitate automated pre-filling of tax returns.

Under the proposal, companies will generally have to submit their data by the 20th day after the end of the month in which the relevant invoices were issued.

Companies will continue to file their tax returns on the basis of their accounting books. However, following the submission of such tax returns, the data declared in them will be cross-checked against the e-books’ data.

So far, no draft legislation has been published. Having been provided with information on the mechanism and technical specifications of the proposed electronic bookkeeping system, the consultation is open to businesses and interested stakeholders to voice their views until 6th September 2019.

If you would like further advice on these developments, please do get in touch to discuss how we can help you.

By |August 16th, 2019|