Revolutionary Digitised Tax System ‘myDATA’ Introduced in Greece
Paving the way for a new era in Greece’s tax system, a brand new, digitised platform called myDATA has been introduced for taxpayers to fulfil their tax obligations in a much more simple way. The new platform offers businesses a collaborative environment where the data a business provides to the tax authority will now also auto-populate their buyers’ tax situation too.
In an attempt to reduce the burden of filing obligations on taxpayers, they will now have their transactions fulfilled automatically as a result of this innovative platform. Taxpayers will submit their transactional data in one of three ways, either through a dedicated automated solution, directly to the platform itself or through the web portal of the Greek Independent Authority of Public Revenues (IAPR).
myDATA (which stands for My Digital Accounting and Tax Application) includes two ‘books’: The Record Book, and The Summary Book.
The record book records the submitted transactions to the myDATA platform and classified them as either income or expenses based on their type. Classified data is then summarised within the summary book and depicts the accounting and tax result for the respective period. For suppliers who are required to submit a summary of their domestic and cross-border sales transactions, the reported sales data will update its income books automatically and the domestic transaction data will update the buyer’s expense books.
It is expected that myDATA will be introduced as a pilot at the end of 2019 and be fully operational by the beginning of 2020.