The Ministry of National Economy and Finance Tightens Regulations on Electronic Books
Starting in January 2025, the Ministry of National Economy and Finance is implementing stricter measures to prevent income and expenses manipulation in electronic books. The goal is to eliminate any discrepancies and ensure accurate financial reporting.
Changes in Reporting Requirements
Professionals and businesses will no longer have the flexibility to modify data in their e-books. Any information recorded will directly reflect in the VAT and income tax returns filed at the end of the year.
Adjusting expenses will no longer be allowed, but increasing income will still be permitted. Additional income and VAT payments can be included, provided that all sales invoices are promptly submitted to the tax authorities within 24 hours.
Automatic Calculation of Business Finances
Business income and expenses will be automatically calculated based on the data in the e-books. This will streamline the reporting process and ensure accuracy in financial statements.
Benefits of the New Tax System
Recent data from the AADE and the Ministry of Finance demonstrate the positive impact of the new tax system on reducing exaggerated expenses and increasing declared income. This shift has been made possible by the implementation of electronic books (MyDATA) and mandatory data transmission, resulting in more accurate VAT returns.
Decrease in Declared Expenses
On average, declared expenses have decreased by 30% since the introduction of the new tax system. Some professions have even experienced a significant decrease of up to 70% in their expenses. This decrease is a clear indication of the effectiveness of the new system in curbing inflated expense claims.
Setting New Limits
Deputy Minister of Finance Christos Dimas, in collaboration with AADE Director Giorgos Pitsilis, has established new permissible limits for tax declaration deviations. These limits are based on the data transmitted to the myDATA platform and aim to ensure accurate tax declarations by the end of the year.
