More and more countries are requiring businesses to start reporting their transactions electronically and to use electronic invoicing. And more often on a daily basis.
Some examples that we mentioned in earlier newsletters: Poland announced that they want businesses to no longer to submit a VAT return, but instead using the SAF-T file as the basis for the VAT reporting. SII invoicing in Spain, electronic invoicing in Hungary and in Italy are also common practice by now. And even countries such as Switzerland will become fully digital and say goodbye to the ‘old fashioned paper VAT reports’.
The next country that will go digital is the Czech Republic. As of May 1, 2020, Czech businesses will be required to report their transactions via the Electronic Reporting of Revenues (ERR). Under this ERR, any cash payments made by customers are instantly reported to the tax authorities through the Internet. Taxpayers (e.g. retail shops) then immediately receive a code to be included on customer receipts.
Source etrzby
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