As anticipated , after the (date) election, the Greek parliament, together with the Independent Authority of Public Revenues (IAPR), have reactivated the discussions about possible tools to combat the country’s VAT gap.

On August 1, 2019 the IAPR published their agenda and technical specifications of the new e-bookkeeping scheme for the transmission of accounting data to their new online platform, called myData, (referring to ‘My Digital Accounting and Tax Application’). myData will introduce electronic bookkeeping (e-books) into daily business practices and will require both suppliers and buyers to transmit their information and data to myData or through an online form on the IAPR website.

The model advocated by the IAPR is very different to anything in the current market. It is not a pure transaction (invoice) based clearance model as used in Latin American countries or Italy, nor is it real-time reporting, as used in South Korea or Hungary, or PEPPOL based open-interoperability invoice exchange. The new model will require taxpayers to implement new requirements when it comes to the correct classification of incomes and expenses as well as assets, and submission of this correctly classified accounting data along with information on the sales invoices. The ambition of the IAPR is to create P&L online on behalf of the taxpayers.

The IAPR is planning to run a pilot of the system in Q4 2019. Until September 6, 2019, they are seeking comments on their released specifications through public consultation.

Pagero Compliance

Learn how Pagero helps companies handle local e-invoicing and other requirements globally.