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Tuesday, February 7, 2023
HomeEconomyMyData: Fines and lockouts for those who do not transmit electronic receipts

MyData: Fines and lockouts for those who do not transmit electronic receipts

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The measure will enter into force on October 1, 2022.

Administratively and financially fines are provided by a bill of the Ministry of Finance to those companies that do not transmit data electronically tax receipts on the digital platform myDATA.

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At the same time, through the same bill, equality is attempted to remove distortions that existed in the current regime for parental benefits and donations.

Specifically, as stated in the Finance Ministry’s multi-legislation tabled yesterday in the Parliament, as many businesses from the October 1, 2022 do not transmit the data of the receipts from the tax mechanisms to the myDATA platform, then they will be asked to pay fines and will be “locked” for up to 10 days.

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It is also recommended statesman of Tiresias which will contribute to the assessment of the creditworthiness of households and businesses, while a moratorium on the payment of debts by affected businesses is provided. Also included in the draft law are favorable arrangements for farmers and businesses, as well as changes to the existing framework for over-indebted households.

More specifically:

1. From 1 October 2022 penalties are imposed for the non-transmission of retail sales data issued through the Tax Electronic Mechanism (F.H.M.). In particular, in the event of non-transmission of the data, i.e. summaries of issued retail income documents, which are transmitted to the digital platform myDATA through the Information System of Tax Electronic Mechanisms (FEM) of A.A.D.E., the prescribed fine of case. The operation of a professional establishment is immediately suspended:

• for forty-eight (48) hours, if it is established that the non-transmission to the Information System of Tax Electronic Mechanisms (TME) of AADE, more than ten (10) details of retail sales that have been issued through the Electronic Tax Mechanism (TME), or, regardless of number of them, that the untransmitted value of the goods or services exceeds five hundred (500) euros,

• for ninety-six (96) hours, if, within the same or the following fiscal year from the detection of the above-mentioned violations, the same partial on-site inspection re-establishes the non-transmission to the Information System (FIM) of AADE at least three (3) items of retail sales issued through FIM, regardless of their value.

2. Parental cash benefits: When carrying out parental benefits and donations of monetary amounts through financial institutions, which took place from 1.10.2021 until 30.8.2022, the withdrawal of an amount of money from an individual or joint bank account of the donor and the deposit of the same amount within three (3) business days to an individual account of the donee or to a joint account of the donee with the same donor or a third party.

3. The deadlines for payment of confirmed debts to the D.O.Y./ Auditing Centers/ Centers for Certification and Collection of Debts and installments arrangements and installment payment facilities of the businesses of par. 1 of article 118 of Law 4964/2022, as specifically defined. These businesses are affected by the war in Ukraine and concern activities of travel agencies, activities of organized travel agencies, breeding of fur animals, production of raw fur skins and various raw sheep and skins), Manufacture of fur products, etc. Payment is also suspended until 31.5.2023 of the certified in the D.O.Y./Control Centers/Centers for Certification and Collection of Debts and overdue debts of the businesses of par.1 of article 118 of Law 4964/2022.

4. It is recommended “Independent Credit Rating Authority” with the aim of collecting and evaluating primary information of the Government and banking sector and calculating the probability of payment default for natural and legal persons. Thus, every interested citizen, business and public or private sector entity will be able, upon request, to receive their credit rating free of charge from the Authority, which will form the basis for new financing opportunities. The credit rating for natural and legal persons is produced by the System through the processing, with an automated process, of the financial behavior data obtained from the public sector entities with the use of algorithms. The credit rating is done with a numerical scale and concerns the observance and default of obligations towards public sector entities for a specific period of time. The credit score is produced after the application is submitted. The applicant is provided with a credit rating update, which reflects the assessment of the creditworthiness of the financial data subject based on the data existing at the date the credit rating is produced.

5. In exceptional cases, where there is significant and extensive damage to the number of affected agricultural holdings or to the extent of a disaster, by joint decision of the Ministers of Finance and Rural Development and Food, it may be provided subsidy of a rate not exceeding 50% of the grant to natural persons who are not farmers by main occupation but own agricultural holdings.

In the bill with the title “Corporate governance of Public Limited Companies and other subsidiaries of EESYP, management of State holdings in joint-stock companies and arrangements for EESYP, evaluation of of the State’s solvency and creditworthiness of natural and legal persons and establishment of an Independent Credit Assessment Authority, establishment and operation of a Central Credit Registry, Supplementary State Budget for the fiscal year 2022 and other provisions of the Ministry of Finance’s competence”, including the submission of a supplementary budget.

In the submission of the supplementary state budget for the financial year 2022 for the additional support of households and businesses, in order to finance measures, which have already been taken and are to be taken by the Government to deal with the extremely urgent and emergency needs that have arisen due to the energy crisis and the consequent increase in the prices of goods and services, as a result of recent adverse geopolitical developments.

The total increase in appropriations of the Regular Budget is by 2.5 billion euros and the Public Investment Budget by the amount of 400 million euros.

RES-EMP

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