KPC FINANCE: Everything you need to know about the new Electronic Books platform "myDATA"

Posted on Jan 8, 2021

Everything you need to know about the new Electronic Books platform, which «ΑΑΔΕ» (Independent Public Expenditure Authority)  introduces in the daily routine of businesses starting from 2021: myDATA (my Digital Accounting and Tax Application)

After the amendment of the initial announcement, the commencement of the mandatory digital transmission on the Electronic Books platform - myDATA for all companies is postponed to 01.04.2021 from 01.01.2021, as it was deemed necessary for the 1st quarter of 2021 to constitute the necessary time that companies need in the context of their training and adaptation to the myDATA platform, upon request from market bodies and by taking into account the difficulties caused by the COVID-19 pandemic. Regarding the documents that will be issued by the companies during the 1st quarter of 2021, it is clarified that they should also be transmitted to the myDATA platform with the only difference being found in terms of their submission deadline which will be no later than 31.10 .2021 in the context of supporting companies during the adaptation period to the new conditions and requirements of the platform. The submission of the documents of this period is mandatory, as the goal is to create a complete overview of each company for 2021 in the electronic books.

Overview of myDATA platform

The integration of the myDATA platform in the daily routine of the companies concerns all companies that keep their Accounting Records according to the Greek Accounting Standards, without exceptions, while at the same time it creates new workflows and requirements in the accounting processes. The goal of «ΑΑΔΕ» through the transmission of data on the myDATA platform is the formation of e-books for the companies, the comparison of issuer-recipient transactions in order to limit fake and fictitious transactions and the comparison of e-book registration data with the data of all statements e.g. VAT, withholding taxes and income declarations in the first phase at least of the implementation.

Α. What is the myDATA platform

The myDATA platform reflects the accounting and tax results of companies, as results from the data of the Electronic Books, which is achieved through the monitoring of all transactions of income - expenses of companies and other entities. The platform includes two books: a) The Detailed Record Book, where is submitted the summary of the Income / Expenses of the Companies, while the transactions are characterized and the necessary accounting entries are made to determine the accounting and tax result and, b) The Summary Book, which shows the results of the Company on a monthly and annual basis. The entry of data in the e-books is achieved through the transmission and characterization of all standardized summaries of their transactions.

Β. How «ΑΑΔΕ» standardizes the summary of the document

The summary of each document includes the following data: a) Header (Transaction data, currency of exchange, currency exchange rate, country, method of payment, exemption provisions), b) Footer (Total value, VAT value, totals of taxes, deductions, etc.) and, c) It does not contain the lines of the document in detail (The lines are grouped by VAT rate, eg if one document has 20 lines and 15 are with VAT 24% while the other 5 have 13% VAT, the summary will include only 2 lines. One line with the total net value and VAT value at 24% and one corresponding for 13%). The summary of the document is structured using standard values set by «ΑΑΔΕ», more specifically: a) by codification of withholding categories, taxes, fees, stamps,) , b) with specific VAT codes, VAT exemption categories, codes of currencies, countries, payment methods and, c) with specific categories and types of transactions for all possible financial transactions.

C. Data that are transmitted to the myDATA platform

·         Revenue receipts issued by companies (wholesale, retail, etc.). Upon their transmission, they also update the e-books of the counterparties.

·         Expense receipts received from issuers that are not required to transmit them on their behalf (eg purchases - retail costs, intra-community acquisitions, imports, etc.)

·         Income-expense settlement documents that form the final accounting and tax result of each tax year (eg payroll, depreciation, income-expense reformation, etc.)

As issuers of documents, the companies transmit the summary : a) Beholden documents, ie documents issued to recipients (B2B-B2G) whose identification data are written on them (eg domestic / foreign sales invoices). Upon transmission of the Summary of the documents by the Issuer, they are automatically updated, except for the Income of his own e-Books and the e-Book Expenses of the Contractor Recipient, b) Non-beholden documents, ie documents issued to individuals (B2C) whose identification details are not indicated on them (eg Retail receipts).

As recipients of documents, companies transmit the summary of : a) Beholden Documents they have received from Foreign Issuers. Upon the transmission of the Summary of Documents by the Recipient, the Expenses of his own e-Books are automatically informed and, b) Non-Beholden Documents they receive. These are their receipts, for which retail sales details have been issued which have been received from Domestic Issuers who did not submit the relevant Summary within the stipulated deadline.

All Businesses transmit data from the accounting records that form their accounting and tax base, for the export of the accounting and tax result of each tax year. In addition, payroll and depreciation entries are transmitted separately and collectively the income / expense settlement entries which take place at the end of the period (at least one entry for income and at least one for expenses).

Incentives for immediate adoption of myDATA – Electronic Invoicing

The legislation provides a package of incentives for those companies that adopt, exclusively electronic invoicing through a provider for the issuance and receipt of sales documents for the tax years starting from 01.01.2020 until the tax year 2022. More specifically the benefits that arise:

·         The limitation period of the tax administration's right to issue a tax assessment deed is reduced to 3 years from 5 for the invoice issuer and to 4 for the recipient.

·         It is limited to 45 days out of 90 the time that the tax administration examines the tax refund requests for the years that electronic invoicing is applied.

·         Provision of 100% amortization of the initial cost for technical equipment and software required for the implementation of electronic invoicing, during the year of its realization, as compensation for the cost of using electronic invoicing.

·         Provision of 100% discount on the value of the costs for receiving provider services.

 

In case of additional modifications and announcements regarding myDATA, new information-material will follow. For additional clarification and inquiries, do not hesitate to inform our team at contact@kpcfinance.gr .