E-Invoicing & E-Reporting developments in the news in week 52/2024

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HIGHLIGHTS

Bulgaria – Draft SAF-T legislation published
- Draft Legislation: The Bulgarian government has proposed legislation to mandate the submission of Standard Audit File for Tax (SAF-T) reports, expected to take effect in early 2025.
- SAF-T Definition: SAF-T is an electronic format designed for businesses to submit detailed accounting information to tax authorities in a standardized and machine-readable manner.
- Implementation Timeline: SAF-T reporting will be phased in, starting in 2026 for large enterprises, expanding to medium and small enterprises by 2028, and ultimately requiring all VAT-registered enterprises to comply by 2030.
Hungarian electricity and gas suppliers must issue e-invoices
- Hungary has amended two decrees that will take effect on January 1, 2025, establishing mandatory e-invoicing requirements for gas distribution companies and energy traders.
- Government Decree No. 273/2007 requires energy traders to issue only e-invoices to non-residential users, while Government Decree No. 19/2009 mandates the same for gas suppliers.
- Businesses engaging in transactions with energy and gas suppliers must be equipped to receive and electronically archive e-invoices, with existing formats accepted by the Hungarian Tax Authority, such as those conforming to EN-16931 standards, expected to remain valid.
Revolutionizing Tax Compliance in Slovakia with Mandatory e-Invoicing
- Mandatory Electronic Invoicing Proposal: The Slovak Ministry of Finance has introduced a draft law requiring all VAT payers to adopt electronic invoicing and real-time data reporting starting January 1, 2027, in alignment with EU directives.
- Digital Transformation of VAT Compliance: The proposed amendment to the existing VAT law aims to replace the dual-option system (paper and electronic invoices) with a fully digital framework, addressing issues related to tax evasion and processing delays.
- Combatting Tax Evasion: The initiative is driven by the urgent need to tackle persistent tax evasion practices that undermine public revenue, with electronic invoicing intended to enhance transparency and streamline tax reporting.
- Public Participation in Legislation: The Ministry encourages stakeholder and citizen engagement in the legislative process, allowing comments and suggestions on the draft law until January 31, 2025, fostering collaboration and refinement of the policy.
- Alignment with EU Vision: By implementing these changes, Slovakia aims to modernize its tax system, comply with EU goals for VAT in the digital era, and create a more transparent and efficient economic environment.