No more messing with books
MyDATA will only accept limited modifications, abolishing excessive declarations of expenses
The Ministry of National Economy and Finance is closing the loopholes for acceptable deviations of income and expenses posted in electronic books, with the aim of completely zeroing them out in January 2025.
This means that the ability of professionals and businesses to amend data is coming to an end. Whatever is registered in the e-books will also be transferred to the VAT return, as well as to the income tax return at the end of the year.
No one will be able to increase their expenses, but instead they will be able to increase their income. They will only be able to add other income and VAT that they must pay, as long as they have issued any sales invoices which had not been forwarded within 24 hours to the Independent Authority for Tax Revenue (AADE) – e.g. due to loss of connection or if manuscripts were issued due to some special exception (due to very low annual turnover etc).
Both the income and the expenses of businesses will be automatically calculated from the e-books, and be taxed accordingly. The figures of AADE and the ministry show that the exorbitant expenses previously declared by professionals and businesses have shrunk significantly with the “locked” system, while at the same time declared income is increasing.
This development is a result of electronic books (MyDATA), combined with the mandatory transmission of data and the pre-completion of VAT returns by the central service. According to information, declared expenses have fallen by 30% on average, while there are also categories of professions where a decrease in expenses – i.e. their expenses – has been recorded – of up to 70%.
With the new decision of Deputy Minister of Finance Christos Dimas, following a proposal by AADE Director Giorgos Pitsilis, new permissible limits of tax declaration deviations are being determined in relation to the corresponding data that have been transmitted to the myDATA digital platform for this year, which are set at zero at the end of the year.
