Small businesses in Greece with annual turnover of up to €1 million will be required to issue electronic invoices starting October 1, extending a mandate that until now applied only to larger companies.
The requirement covers all transactions between businesses carried out within Greece, as well as sales of goods and the provision of services to businesses based in countries outside the European Union.
Use of electronic invoices remains optional for now for transactions with businesses in other EU member states. However, if a foreign client does not want, or is unable, to receive an electronic invoice, the document can still be transmitted through alternative means under existing procedures.
How businesses must comply
Small businesses must issue their invoices either through a certified provider or through timologio and myDATAapp, two free applications run by Greece's Independent Authority for Public Revenue, known as AADE, the country's tax authority. Businesses that fail to issue an electronic invoice face a steep fine.
Each transaction will be transmitted automatically and in real time to AADE's myDATA digital platform. A transitional period will run until the end of December to give businesses time to adjust smoothly to the new system.
To comply, a business must first choose a modern invoicing program, known as an ERP system, together with either a certified provider or the free timologio and myDATAapp applications. It must then declare whether it uses a provider, officially referred to as a ΥΠΑΗΕΣ, or the timologio app. Choosing timologio automatically covers the choice of myDATAapp as well. Invoices are issued electronically and transmitted automatically to the myDATA platform, where they receive a mandatory Unique Registration Number, known as MARK.
Fines for non-compliance
Businesses that fail to issue an invoice face fines of up to €2,500. The amount is charged per violation or per audit and varies depending on the business's accounting system and the type of transaction involved.
- A fine equal to 50% of the tax that would have resulted from the missing document, or from the discrepancy. The minimum cumulative fine per tax audit is €250 for businesses keeping single-entry books and €500 for those keeping double-entry books.
- A fine of €500 per tax audit for businesses with single-entry books, rising to €1,000 per audit for those with double-entry books.
- A standalone fine of €2,500 when data is not submitted at all or is submitted inaccurately.
