VATupdate

The Ministry of Finance plans to introduce an e-invoicing system

The Ministry of Finance came up with a new system for entrepreneurs, the so-called e-invoicing

The Ministry of Finance of the Slovak Republic plans to introduce a new obligation for entrepreneurs, the so-called e-invoice. The main goal is not only to reduce tax fraud but also bureaucracy.

As the e-invoice will allow sufficient control, the Tax office has promised that the currently used control report will be canceled.

Every entrepreneur will be obliged to issue an e-invoice. The Ministry of Finance will first require the sending of selected invoicing data to the financial administration and then only after that the entrepreneur will be able to issue the final version of the invoice. Such transmission of data should take place through accounting software certified by the financial administration or using a free state online application.

 

What is the preliminary plan for the introduction of the e-invoice?

The Ministry of Finance has prepared a plan for testing the sending of data to the financial administration in such a way that the individual transactions between entrepreneurs are divided into two phases.

– The 1st phase will include entrepreneurs who trade with the public sector, so it will be B2G (Business-to-government). This phase is scheduled for the end of 2021.

– The 2nd phase of sending data to the financial administration will include not only transactions between several entrepreneurs, the so-called B2B (Business-to-business) but also transactions with customers or B2C (Business-to-customer). This testing should last six months.

After completing the testing of technical solutions and improving the system, the Ministry of Finance wants to launch e-invoicing at the beginning of 2023 at the latest.

 

Contribution by Vladimíra Mačuhová of EMINEO PARTNERS

Source: emineopartners.sk

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