- Introduction of Mandatory E-Invoicing: Bosnia and Herzegovina is drafting a bill to introduce mandatory electronic invoicing, expected to be presented to parliament in early 2025. This legislation aims to establish live reporting requirements to government tax authorities, targeting tax fraud in e-commerce and digital platforms.
- Objectives to Combat Tax Fraud: The primary goal of this mandate is to increase tax transparency, ensure real-time oversight of transactions, and align with international e-Invoicing standards, thereby addressing widespread invoice fraud in online and digital commerce.
- Anticipated Structure and Scope: The new system is expected to follow the EU e-Invoicing directive, starting with B2G (Business-to-Government) public procurement and eventually expanding to B2B (Business-to-Business) transactions, ensuring alignment with regional and international practices.
- Impact on Businesses: Businesses will need to transition to digital systems, invest in e-Invoicing software that meets new standards, and ensure their systems can facilitate real-time reporting to tax authorities. Familiarizing themselves with EU e-Invoicing directives will be crucial for compliance.
- Government’s Commitment to Compliance: The government’s commitment to fostering greater tax compliance and transparency is evident through this initiative. By aligning its e-Invoicing framework with EU standards and expanding its scope, Bosnia and Herzegovina aims to create a more efficient and fraud-resistant tax ecosystem, encouraging businesses to stay informed and prepared for upcoming changes.
Source RTCsuite
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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
