VATupdate

Share this post on

FacebookXEmailLinkedInWhatsApp
World

E-Invoicing & E-Reporting developments in the news in week 40/2024

2 months ago
4,043 views
7 min read

Follow the latest updates on E-Invoicing and Real Time Reporting on www.vatupdate.com and the LinkedIn pages on E-Invoicing/Real Time Reporting and ViDA.

HIGHLIGHTS

  • Implementation of International Accounting Data Collection Standard SAF-T Enters New Phase in Bulgaria
    • The National Revenue Agency (NRA) of Bulgaria is preparing to implement the international SAF-T accounting standard on this initiative, as mandated by the European Commission.
    • A comprehensive plan is in place, which includes drafting amendments to the Tax and Social Security Procedure Code for public discussion, along with necessary technical support and training for stakeholders.
    • The implementation aims to enhance trust and transparency between the NRA and taxpayers through standardized information exchange, utilizing established nomenclatures, such as the combined product code nomenclature.
    • The introduction of SAF-T will occur in phases, starting with large and medium-sized taxpayers, and is based on successful implementations in other countries like Portugal, Romania, and Poland; a detailed timetable for this rollout is available on the NRA’s website
  • ViDA Package Stalled: Deadlock over Mandatory Deemed Supplier Regime for VAT Collection
    • ViDA package stalled due to Estonia’s opposition to mandatory deemed supplier regime
    • Hungarian Presidency suggested discussing Estonia’s idea for an opt-in to the regime
    • Some Member States open to Estonia’s proposal, but larger group opposes it
    • Estonia supports broad opt-out rather than one limited to SMEs
  • India Launches New Invoice Management System (IMS) for GST Efficiency and Transparency
    • The Invoice Management System (IMS) will be launched on the GST portal on 1 October 2024, enabling taxpayers to accept, reject, or mark invoices as pending, applicable to both regular taxpayers and those using the QRMP scheme.
    • Taxpayers are not required to take action on invoices; however, failure to act will result in automatic acceptance. Invoices marked as pending will be carried forward for future action and excluded from GSTR-2B generation for that month.
    • Accepted invoices will contribute to eligible Input Tax Credit (ITC) in the buyer’s GSTR-2B, while rejected invoices will increase the supplier’s liability in the subsequent GSTR-3B, enhancing transparency and reducing discrepancies in ITC claims.
  • Norwegian Tax Administration has announced a new version of SAFT
    • Implementation and Compatibility:
      • SAF-T Version 1.3 becomes mandatory from January 2025, with no backward compatibility. Ensure readiness by the end of the first accounting period. Previous versions can still be used for periods before 2025.
    • Key Changes:
      • Includes a new structure for balance accounts, revised VAT and transaction presentations, and mandatory fields. Three new fields are added, with changes to data types and character limits.
    • Chart of Accounts Update:
      • Companies must now link accounts to the new Business Specification aligned with the Tax Return chart, unlike previous versions with flexible mappings.
  • Serbia: Draft Law Introducing Mandatory e-Transport System
    • The Ministry of Finance in Serbia has released a draft Law on Electronic Goods Delivery Notes, which introduces the mandatory e-Transport system.
    • The draft law aims to regulate the electronic exchange of delivery notes for the movement of goods between public and private sector entities in B2B and B2G transactions.
    • Private individuals who are not subjected to self-income tax will be exempt from the mandate.
    • The Central Information Intermediary will provide an IT solution for sending, receiving, processing, and storing electronic delivery notes.
    • The law is expected to come into force on January 1, 2026, with specific obligations for private sector entities and transporters applying from October 1, 2027. Non-compliance with the requirements may result in penalties
  • Spanish B2B e-invoice implementation postponed to 2027
    • The Spanish government has postponed the implementation of its Business-to-Business (B2B) e-invoicing mandate, previously expected to start in July 2025 or possibly summer 2026, confirming it will now occur in 2027 at the earliest.
    • This delay is due to the slow progress in finalizing the technical specifications needed for the approval of the e-invoicing legislation.
    • The expected timeline for implementation is that large taxpayers (with turnover over €8 million) will be required to comply by 2027, while all other taxpayers will follow in 2028, prompting Tungsten Automation to focus on other markets with imminent deadlines.

Belgium

Bulgaria

Colombia

Congo

Estonia

Europe

European Union

France

Ghana

India

Latvia

Malaysia

Nigeria

Norway

Poland

Romania

Saudi Arabia

Serbia

Spain

Taiwan

United Kingdom

Webinars / Events

World

See also

 

Sponsors:

VAT news

Advertisements: