All you need to know about the new e-invoicing and reporting obligations in Greece

Blog Industry trends July 4, 2019

There has been a lot of progression in the digital landscape in Greece when it comes to invoicing and reporting. This post will take you on a deeper dive into the digital controls and provide a better understanding of what is planned for the implementation of e-invoicing and reporting obligations in Greece in the year to come.

Greece introduces e-book mandate

In August 2019, the Greek Independent Authority for Public Revenue (IAPR) announced launch of the new e-book scheme for the transmission of accounting data to the myDATA platform. IAPR launched a public consultation on myDATA and have continued conducting unofficial discussions with various organisations and associations regarding the exact details of the reporting obligation.

The goal of the IAPR is to use the myDATA platform to create income and balance sheet statements for all businesses operating in the country by requesting various types of accounting entries, e.g.:

  • Accounting entries to determine annual accounting and tax results;
  • Summary of revenue and expense documents for tax purposes;
  • Classification of expense and revenue transactions.

Businesses’ revenues will be updated in their e-books on the myDATA platform, as they transmit a summary of all relevant tax documents and entries that they had issued (ex. invoices and receipts). This will happen all while simultaneously updating the receiver’s expenses in their e-books on the myDATA platform. All data included in filed tax returns will be cross-checked against the created e-book with myDATA.

As more regulations are expected to be published, additional timelines will emerge for remaining parts of the e-book mandate, such as reporting of dispatch advises.

Data transmission options

In order to obtain all this data, IAPR is planning to deploy the following data transmission options:

  • Small businesses will be able to utilise a web-based portal provided by myDATA in order to report the data to the centralised platform manually.
  • Those businesses which are selling to consumers will have to obtain accredited online cash registers, which will report the receipts to myDATA on a daily basis.
  • For other data reporting obligations, businesses will have two options:

    • Direct integration with myDATA for periodic (monthly or quarterly) reporting of all mandatory data; or
    • Use services of a provider connected with an accredited myDATA Agent for real-time e-invoicing.

A “myDATA Agent” or Υ.ΠΑ.Η.Ε.Σ provider must be a Greek company acting on behalf of IAPR and myDATA, whose services can be used in order to clear e-invoices in real time. This is an alternative to the direct integration with myDATA for part of the reporting obligation, which is e-invoicing.

What are the timelines?

The following timelines have been indicated by the IAPR:

20 July 2020: Sellers may, on voluntary basis, start reporting Synopsis and Income Classification for issued e-invoices to myData through a Service Provider.

1 October 2020: Sellers must start reporting Synopsis and Income Classification for all issued invoices to myDATA, including domestic and cross-border. This can be done by means of issuing e-invoices. Sellers must report aggregate monthly B2C transactions if using cash registers.

31 December 2020: : Last date for sellers to have reported Synopsis and Income Classification for all historical issued invoices during the entire 2020 year. Last date for buyers to report for the full year; Synopsis only for import transactions not reported by the sellers (from foreign sellers).

28 February 2021: : Last date to report expense classification for all historical domestic transactions and received import transactions from 1 January 2020 to 30 September 2020. For B2C transactions not using cash registers, reporting per retail item will begin as of 1 January 2021.

The above is, however, subject to possible changes as final specifications have not been published yet. Read here for the latest details on mandatory e-invoicing in Greece.

Is e-invoicing mandatory?

No, e-invoicing is not mandatory in Greece—yet. However, e-invoicing offers businesses an option to combine their invoicing and reporting obligations into a single transaction, so that compliance requirements and business efficiencies can be ensured in a single transaction with help of a service provider. Finally, one cannot exclude that with greater adoption of e-invoicing it might become mandatory in Greece.

Pagero offers global reach through a single connection

For businesses active in many countries or regions, it is hard to fulfil all requirements in the continually evolving regulatory environment. It is crucial to emphasise that myDATA Agent only provides local services in Greece. Pagero offers global compliance for companies with cross-border operations, regardless of where they operate.

No compromise between compliance and business needs

Unlike many vendors, who focus solely on regulatory compliance, Pagero delivers solutions that go beyond fulfilling regulatory requirements and help prepare businesses for the future. Digitalisation efforts by Greek authorities will soon lead to the need for businesses to adapt their accounts receivable and payable processes. We specialise in AR and AP Automation and solutions for the complete digitalisation of P2P and O2C processes.

Why limit yourself to pure compliance vendors or closed networks when you can let an open, global network take care of the technical and regulatory requirements across your entire business operations in a single streamlined process?

EU public procurement compliance

For EU public procurement compliance, Pagero is a Peppol-certified Service Provider, meaning that we can help suppliers reach any public administration in Greece via Peppol.

With this said, using Pagero’s services by a business means that invoicing, reporting and public procurement becomes a single connection and a single transaction with our platform.

Learn how Pagero can help you handle all reporting and invoicing requirements in Greece.

Contact Pagero now

Terminology

  • Clearance: the process of giving an invoice legal validity by a predefined infrastructure.
  • Clearance proof: in Greece consists of MARK, Authentication String and Unique Document ID.
  • EN: European Norm is the standard that must be used within the EU public procurement and is quite an extensive format that can also satisfy B2B requirements.
  • IAPR: the Greek Independent Authority for Public Revenue, could also be referred to as AADE.
  • myDATA: the central platform of the IAPR, which will be receiving all the accounting data to hold invoice and balance sheet statement.
  • myDATA Agent: accredited agent that can perform invoice clearance in real time on behalf of myDATA; could also be referred to as YPAIES (Υ.ΠΑ.Η.Ε.Σ) provider.
  • Synopsis – aggregated invoice data.

Solutions for business compliance

Pagero follows developments closely to keep you informed and prepared for mandates and new requirements. Get in touch to find the best solution for your business!

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