VATupdate

Share this post on

FacebookXEmailLinkedInWhatsApp
World

E-Invoicing & E-Reporting developments in the news in week 47/2024

1 week ago
5,226 views
10 min read

Click HERE for the PODCAST version discussing ”E-Invoicing & E-Reporting developments in the news in week 47/2024”

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

  • Bosnia and Herzegovina Prepares for Mandatory e-Invoicing: Proposed Bill for 2025

    • 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.
  • Denmark – Greenland: E-invoicing for public entities in Greenland will come into effect in 2025
    • Mandatory E-invoicing for Public Sector: Starting from 1 March 2025, the Government of Greenland mandates that all legal and natural persons must send digital invoices when delivering goods or services to public authorities, defining digital invoices as those that can be processed automatically and digitally.
    • Registration and Information Requirements: Public authorities must be registered in the joint public NemHandelsRegister and include specific details such as CVR number, GLN number, reference person, order/requisition number, and account string in contracts, orders, or requisitions.
    • Exemptions and Compliance: Entities below a certain annual turnover, yet to be determined by the municipal board, will be exempt from this e-invoicing requirement. Non-compliant electronic invoices that cannot be processed digitally will be rejected.
  • Germany: FAQ: Mandatory E-Invoice Implementation from January 1, 2025 – Answers to Common Questions
    • Mandatory E-Invoicing Introduction: From January 1, 2025, electronic invoicing (e-invoicing) will be mandatory for sales between domestic entrepreneurs in Germany, excluding transactions with private end consumers.
    • Definition and Compliance: E-invoices must be issued, transmitted, and received in a structured electronic format enabling electronic processing. Simple PDFs and paper invoices will not meet this requirement after the deadline.
    • Transitional Regulations: Until December 31, 2026, businesses can still issue non-e-invoices, such as paper invoices, with recipient consent. For businesses with annual turnover up to EUR 800,000, the deadline extends to the end of 2027.
    • Exceptions and Requirements: Certain transactions, like those to end consumers or small amounts, are exempt from mandatory e-invoicing. However, all domestic companies must be able to receive e-invoices starting January 1, 2025.
    • Storage and Submission: E-invoices must be stored in an unchangeable format for eight years. From January 1, 2025, taxpayers can submit electronic invoices to tax authorities via ELSTER upon request.
  • Latvia mandates e-invoicing with amendments to the Accounting Law published
    • From 1 January 2025, resident business and budget entities in Latvia must send e-invoices for contracts signed from this date, with B2G e-invoicing mandatory for resident companies and budget entities.
    • A transition period allows submitting e-invoices for B2G contracts signed by 31 December 2024 until 1 January 2026, when B2B e-invoicing and invoice data reporting to the State Revenue Service (SRS) become mandatory.
    • Rules for B2B e-invoices and reporting will be announced in May 2025, and e-invoices must comply with EU standards LVS EN 16931-1:2017 and LVS CEN/TS 16931-2:2017.
  • Slovakia’s New Electronic Transaction Control Statement for VAT Reporting: A Step Towards Mandatory E-Invoicing
    • Electronic Transaction Control Statement: Slovakia introduced an electronic transaction control statement report from January 1, 2024, required in support of the VAT return and applicable to both resident and non-resident businesses, filled monthly or quarterly based on the reporting cycle.
    • Future E-Invoicing Plans: Currently, the control statement is uploaded via the government portal, but there are plans to launch mandatory e-invoicing to replace it. VATCalc’s VAT Filer product can produce these control statements, ensuring compliance with Slovakian and EU VAT laws.
  • Ukrainian Ministry of Finance Implements New SAF-T UA 2.0 for Transactional Level Reporting
    • Mandatory SAF-T UA Submission: Since August 27, 2021, large taxpayers in Ukraine must submit Standard Audit Tax Files (SAF-T UA) within two business days when requested during audits. This requirement became mandatory for all large taxpayers on January 1, 2025, and will extend to all VAT payers by January 1, 2027.
    • Preparation for Implementation: The Ukrainian State Tax Service (STS) is upgrading its electronic systems and advising large taxpayers to ensure they are prepared for prompt audit responses. Order No. 561 specifies that SAF-T UA submissions must include detailed data such as accounting records, tax details, and supporting source documents.
    • Addressing Implementation Challenges: To tackle technical challenges, a collaborative meeting was held involving the State Tax Service, Ministry of Finance, National Bank, banking associations, and IT companies. The meeting focused on converting banking data into SAF-T UA format, with tax service experts emphasizing the importance of ongoing collaboration and test runs.
    • Key Steps for Taxpayers: Taxpayers must ensure their software systems can handle SAF-T UA requirements, maintain precise records, and meet strict submission deadlines. Proper preparation is essential to achieve compliance and avoid penalties as the implementation deadlines approach.
    • Further Information: For more details on e-invoicing and upcoming regulations in Ukraine, additional resources are available to help businesses stay informed and compliant.

 

 

Australia

Bolivia

Bosnia and Herzegovina

Chile

Colombia

Costa Rica

Denmark

Europe

European Union

European Union/ Singapore

France

Germany

Greece

Japan

Latvia

Malaysia

Mexico

New Zealand

Poland

Portugal

Romania

Saudi Arabia

Serbia

Singapore

Slovakia

South Africa

Spain

Ukraine

United Arab Emirates

Webinars / Events

World

See also

 

Sponsors:

Advertisements:

  • VAT news