E-Invoicing & E-Reporting developments in the news in week 50/2024

Mandatory e-invoicing on the horizon in Bosnia and Herzegovina

• The Draft Law on Fiscalization of Financial Transactions in the Federation of BIH, published on November 12, 2024, aims to combat tax evasion and unfair competition by introducing mandatory e-invoicing for the B2G, B2B, and B2C sectors, with real-time reporting of invoice data to the tax administration
• E-invoices are defined as structured bills compliant with EU standards, enabling automatic electronic processing, while certain sectors such as security, defense, health, and social protection are excluded from the mandate.
• The law outlines the establishment of a central fiscalization platform (CFP) and Electronic Fiscal Systems (EFS) for recording transactions, requiring taxpayers to use software for invoice issuance and data reporting, and to validate invoices/receipts through a verification number or QR code.

Brazil Updates E-Invoicing for New Indirect Tax Implementation

• Updated Technical Note: On December 6, 2024, the Brazilian government released an updated version of Technical Note NT 2024.002, which incorporates additional validation rules for calculating the new indirect taxes (CBS and IBS) that will be due monthly.
• Tax Reform Background: Brazil’s Congress is debating a significant tax reform aimed at introducing a dual VAT regime, which includes the IBS to replace the state VAT and municipal service taxes, and the CBS to replace federal contributions like PIS/COFINS.
• Implementation Timeline: The updates will be available for testing from September 1, 2025, to October 30, 2025, and in the production environment from October 31, 2025, to December 31, 2025, with full implementation of the new fields and validation rules starting January 1, 2026; further updates to the technical note may occur as the tax reform progresses.

France

• E-Invoicing in France – FAQs – Unofficial translation in English
• Electronic invoicing: the DGFIP updates its information sheets!

India Lowers e-Invoicing Threshold: Key Changes and Compliance by April 2025

• New Reporting Threshold: Effective April 1, 2025, India’s GST Council will lower the e-Invoicing reporting threshold from ₹5 crore to ₹10 lakh (approximately $11,860), requiring many small and medium enterprises to comply with e-Invoicing regulations for the first time.
• Mandatory 30-Day Submission: Businesses exceeding the new threshold must upload invoices to the Invoice Registration Portal (IRP) within 30 days of issuance. Failure to comply will result in the loss of input tax credit (ITC), impacting cash flow and financial planning.
• Implications for Businesses: The changes necessitate investments in e-Invoicing software, staff training, and robust compliance management systems to ensure timely reporting, thereby enhancing tax administration and reducing evasion within India’s GST framework.

Japan – Publication of Peppol Specifications for JP PINT Specifications

• Updated Invoice Specifications: The Digital Agency (Japan Peppol Authority) has updated the JP PINT Specifications for Peppol BIS Standard Invoice (to Ver. 1.1.0), JP BIS Self Billing Invoice (to Ver. 1.1.0), and JP BIS Invoice for Non-tax Registered Businesses (to Ver. 1.1.0).
• eDEC Code Lists Update: OpenPeppol released eDEC Code Lists version 8.9 in July, deprecating all Document Type Identifiers containing ‘busdox’ for JP PINT. From October, all Peppol Certified Service Providers in Japan will use ‘peppol-doctype-wildcard’ as the Peppol Document Type Identifier Scheme.
• Objective of Updates: These updates aim to streamline invoicing processes, enhance compliance, and improve interoperability across various platforms.