E-BOOK KEEPING

No more VAT statements needed

From this fall, an electronic bookkeeping application will fill in the forms automatically

no-more-vat-statements-needed

The Independent Authority for Public Revenue’s MyData application for online bookkeeping is bringing an end to the submission of value-added tax declarations.

IAPR director Giorgos Pitsilis said on Tuesday that the tax administration foresees the automatic filing of VAT forms through MyData, which will come into wider use from this fall.

This is particularly important for enterprises, as it will reduce costs for them, while the tax authorities will be able to tell precisely how much VAT they are going to collect each month, thereby reducing tax evasion and delays in the payment of invoices by many enterprises.

Greece’s electronic books constitute the most important digital reform, and this has been internationally acknowledged, said Pitsilis, adding that it has been acclaimed as a best practice, leading to requests for presentations to other countries, such as Portugal. Even though electronic bookkeeping is not yet mandatory, the MyData system has already received 27.2 million invoices concerning 160,000 corporations, at an average rate of 400,000 per day.

Upon the full application of e-bookkeeping, besides the automatic filing of VAT forms, the state will also accelerate the transfer of VAT refunds to enterprises and freelance professionals, as it will be aware of all the transactions made and their legality, reducing the necessary inspections down to a minimum.

Meanwhile, also this year, the tax administration is planning to introduce the online system allowing for the immediate notification of taxpayers’ payments to the tax authorities. Through this system, payments will show up in real time, speeding up transactions dependent on the payment of tax dues (such as the property transfer tax), and allowing for the immediate issue of tax clearance.

As for the state compensation to landlords concerning the 100% rent relief for companies that remained shut, Pitsilis said that by next Tuesday the payments will have been made to property owners both for February and for March.