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E-Invoicing & E-Reporting developments in the news in week 49/2024

2 weeks ago
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Click HERE for the PODCAST version discussing ”E-Invoicing & E-Reporting developments in the news in week 49/2024”

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

China to Enable Nationwide Voluntary E-Invoicing Starting December 2024

  • Promotion of Digital Invoices: China’s State Taxation Administration (STA) will officially promote the optional adoption of digital electronic invoices nationwide from 1 December 2024, giving them the same legal status as paper invoices across various categories including VAT special invoices and transport tickets.
  • Invoice Details and Structure: Digital invoices will include essential details such as invoice number, date, purchaser and seller information, and tax details. Each invoice number will be 20 digits long, incorporating the year, regional code, issuing channel, and sequential codes.
  • Future Steps and Benefits: The STA plans to develop a regulatory framework and a unified national electronic invoice service platform. This initiative aims to improve administrative efficiency and support the digital transformation of the economy, though the use of digital invoices remains optional for now.

Denmark’s OIOUBL 3.0 e-Invoicing Standard: Key Dates and Business Implications

  • New E-Invoicing Standards in Denmark: The Danish Business Authority announced the OIOUBL 3.0 invoice package as a “release candidate,” set for final release on April 10, 2025, to join Peppol BIS 3.0 as one of Denmark’s two national e-Invoicing standards.
  • Enhanced Invoicing Specifications: OIOUBL 3.0 introduces updated specifications for invoices, credit notes, and invoice responses, requiring businesses to support two-way communication for technical and content-related acknowledgments.
  • Compliance Roadmap: Key dates include the final release on April 10, 2025, mandatory compliance by November 15, 2025, and the deprecation of OIOUBL 2.1 on May 15, 2026. Businesses should update their systems proactively to ensure a smooth transition and embrace improved digital communication and efficiency.

Estonia Proposes Mandatory E-Invoicing for B2B Transactions Starting 2027

  • Mandatory E-Invoicing Proposal: From July 2025, Estonian taxpayers must issue e-invoices upon buyer request to boost e-invoicing adoption, aiming to enhance transparency, reduce fraud, and improve VAT collection.
  • B2B E-Invoicing Requirement: The Estonian Ministry of Finance proposes mandatory e-invoicing for transactions between VAT-registered taxpayers (B2B), considering upcoming ViDA changes and other EU countries’ experiences.
  • Implementation Timeline: The proposed changes require amendments to the VAT Act and other regulations, with the draft to be presented to Parliament. The government aims for these changes to take effect by 2027.

Romania provides further insight into upcoming B2C invoicing requirements

  • Romania has circulated draft legislation that supplements and clarifies the obligation to report invoices for B2C transactions, which will begin in January 2025 as established by legislation passed in June 2024.
  • The new draft legislation includes simplified invoices (previously exempt) with values of EUR 100 or less under the mandatory e-Invoicing scope starting January 2025.
  • To address GDPR concerns, the requirement to include beneficiary information on invoices has been removed, allowing invoice issuers to use an arbitrary all-zero 13-digit value instead.

Uruguay Sets December Deadline for VAT Payers to Adopt E-Invoicing

  • Uruguay Tax Agency sets December 31 as the deadline for VAT payers to join the e-invoicing regime
  • Starting January 1, 2025, all VAT payers must switch to electronic invoicing upon registration, resuming activities, or becoming VAT payers
  • The announcement specifies which VAT payers are exempt from the e-invoicing requirement
  • Minimum VAT payers joining the regime may receive a fee reduction if their monthly fee exceeds 3.3 percent of their monthly income

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