Greece is ushering in a new era of tax transparency for its freelance workforce. Here’s the latest
Driven by concerns over tax evasion, the Hellenic Republic is implementing a series of measures aimed at digitalising and streamlining tax compliance, according to reports from Greek City Times and Mondaq.
At the heart of this shift lies the myDATA platform, a comprehensive digital system designed to track income and expenses. Starting October 1, 2024, the allowable discrepancy between declared and verified expenses will begin to shrink, culminating in 2025 when only expenses logged in the myDATA system will be accepted. This will call for meticulous record-keeping and uploading all expenses related to your business on the platform with the respective receipts.
There will also be an introduction of a mandatory digital clientele list. This system will pre-fill VAT declarations, effectively limiting the potential for underreporting and ensuring greater accuracy in tax filings.
The government is also pushing for new payment systems. For example, stricter enforcement of linking cash registers to POS devices and mandatory acceptance of payments via the IRIS system. This move is to curb the use of cash, making transactions more traceable.
These reforms represent a significant departure from previous practices. While they may initially pose challenges for some freelancers and small business owners, they ultimately aim to create a more robust and equitable tax system. Adapting to these changes will be paramount, requiring meticulous record-keeping, familiarity with digital platforms, and a proactive approach to compliance.
For freelancers, the message is clear: the days of lax tax oversight are over. Embracing these changes and ensuring compliance will be crucial for continued success in Greece’s evolving economic landscape.
For any digital nomad that resides in Greece for more than 183 days each year, some of these changes could impact you, so it is wise to ask the local tax authorities for the latest rules and how they apply to digital nomads both from the EU, Europe and further afield.
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