From January 1st, 2025, all companies in Germany will be required to send and receive only electronic invoices, as part of the ViDA initiative to modernize and harmonize the VAT system in the EU. The e-invoicing platform selected by the sender of the invoice will carry out content checks, format conversion and testing, extraction of reporting data from the e-invoice, transmission of reporting data to the state platform, and transmission of the e-invoice to the recipient’s e-invoice platform. Feedback on a discussion draft from the Federal Ministry of Finance is currently being sought from important business associations until May 8th, 2023, with details to be incorporated into the draft if necessary. Companies are advised to prepare for the expected deadline by adjusting their accounting processes accordingly.
Source Opentext
