- The European Standard on Electronic Invoicing (EN 16931–1) is undergoing revision by the CEN Technical Committee 434 to align with upcoming legislative requirements, including the ViDA proposal and Germany’s B2B invoicing mandate set to begin on January 1, 2025.
- Originally designed for Business-to-Government (B2G) invoicing, the EN 16931-1 standard will be updated to incorporate functionalities that support Continuous Transaction Controls (CTC) and enhance e-invoicing practices in the business sector.
- Proposed changes to the EN 16931-1 include making IBAN mandatory, supporting margin schemes, and adding indicators for goods and services, as well as base amounts in accounting and reporting currencies.
- The revision will also introduce functionalities tailored for business e-invoicing, such as support for multiple orders and deliveries, the ability to attach XML documents, and classification of invoice type codes.
- Additional improvements will focus on B2B VAT handling and invoice management, including new VAT category codes for national schemes, specifying invoice issuance times, and providing detailed payment information such as VAT amounts, payment dates, and multiple buyer IDs.
Source Pagero
See also
- E-Invoicing/Real Time Reporting – What can you find on VATupdate.com
- Worldwide Upcoming E-Invoicing mandates, implementations and changes – Chronological
- Collection of E-Invoicing Guides – Worldwide – VATupdate
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
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