MyDATA: immediate challenges and permanent gains
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Consistency and transparency are decisive benefits in the digital revolution, and the myDATA platform (my Digital Accounting and Tax Application) delivers significant reforms in tax management for businesses in Greece.
As an electronic system for transmitting accounting documents to the Independent Authority for Public Revenue (AADE), myDATA requires invoices itemised by types of goods or services, quantities, prices, and taxes.
With all information available and verifiable to all relevant stakeholders, document accuracy is key, especially given that data submitted automatically generates specific VAT declaration codes.
For businesses, results should include faster document reconciliation and tax return processes, but also improved cash flow monitoring as faster data transmission and automated processes improve tracking of revenues and expenses.
AADE, meanwhile, has direct access to business accounting data and can verify that no income is concealed and that no fake invoices are issued.
Despite its evident benefits, it is fair to say that myDATA may also require new hardware and software investments, while implementation will involve training on rule changes and in using the system itself. Time and effort will be needed to ensure smooth operation of the system and address issues arising during data transmission.
Inevitably, extra costs and time burdens of this type tend to be felt disproportionately by smaller businesses.
But transparency that benefits all must outweigh challenges that are temporary – no matter how painful.
The myDATA platform is both a necessary development in tax management and the basis for the digital transformation of accounting in Greece. The transition may be demanding, but the benefits of a fully digitized accounting environment will be permanent.
