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VAT

New law on sending financial report data from invoices (e-invoice)

The Ministry of Finance of the Slovak Republic has started a consultation process on a draft law, the intention of which is to introduce the obligation of all business entities to prepare an e-invoice within a specified period of each business transaction and send selected financial invoicing data to the financial report before the final version of the invoice is issued. This will be possible in two ways: through the entrepreneur’s accounting software or a free state-owned online application. The same should apply to the entrepreneur in the position of customer.

The aim of this measure is to ensure that information is obtained in real time for the financial administration and thus to combat tax fraud and evasion. The current control report is no longer considered a sufficient tool and the introduction of an e-invoice could lead to its cancellation. The Ministry of Finance also promises simplified payment of tax returns from this measure, but it is questionable whether the new legislation will reduce the administrative and financial burden on entrepreneurs.

Source TPA

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