AADE, Greek Revenue Authority, has recently postponed the mandatory electronic reporting of accounting documents to 1 January 2021. The previous date was 1 October 2020.
According to the publication made by AADE, the primary reason for the postponement is Covid-19. However, it is known that the Mydata system needs some regulatory and technical changes to be completely ready. Also, Greek businesses are struggling with adapting their ERP system to the new electronic reporting rules due the complexity.
How does the e-bookkeeping process work?
It seems that businesses will start the e-invoice reporting in real time as of 2021. Businesses with a small number of invoices up to 50 invoices per year could create the e-invoices directly at the portal. However, the rest of the business will have to update their ERP system to send revenue and purchase invoices in a phased manner to the government’s portal. Electronic accounting books of the supplier and buyer is updated accordingly. For the reconciliation, the system automatically compares the tax data of e-books and vat returns. Later it delivers any discrepancy as a message through mydata system. If businesses do not solve discrepancies until the reconciliation period deadline, the Revenue Authority may impose fines after an audit.
Is e-invoicing mandatory in Greece?
Electronic invoicing or e-invoicing for business to business (B2B) transactions will stay optional until Greece finalizes the process of deregulation from EU law. The law asks for buyer’s permit to receive invoices in electronic format. This prevents EU governments from mandating a full e-invoice clearance model. Italy has finalized the deregulation process and made b2b e-invoicing compulsory for all taxpayers. France is expected to do the same soon.
SOURCE: SNI
