In the world of taxation and finance, E-Invoicing and E-Reporting have been subjects of significant developments in Week 43/2023. Here are the key highlights:
European Union – ViDA:
- The EU Parliament voted for a 1-year delay proposal to ViDA, although this is not binding.
- There’s anticipation for the Ecofin meeting on December 8, 2023, under the Spanish presidency.
- Contrary to the original proposals, Pre-clearance of invoices is expected to be a cornerstone of E-invoicing and Digital reporting requirements.
Belgium:
- More details on the E-Invoicing mandate in Belgium have been gradually released.
- The mandate will apply to B2B transactions between Belgian VAT registered taxpayers.
- Peppol will become the default standard for exchanging electronic invoices, starting on January 1, 2026.
Croatia:
- Croatia has sent a request to derogate from the EU VAT Directive, focusing on B2B transactions between established taxpayers, effective January 1, 2026.
Estonia:
- Estonia is implementing a B2B e-invoice mandate following the European e-invoicing standard.
France:
- France has issued a proposed timeline for E-Invoicing and E-Reporting mandates, with implementation occurring in two phases, starting from September 1, 2026.
Germany:
- Germany plans to implement an E-Invoicing mandate starting on January 1, 2026, with a voluntary phase beginning on January 1, 2025.
Greece:
- Greece is considering a potential E-Invoicing mandate from 2025 to support the myDATA system.
Israel:
- Israel has announced a new deadline for the first wave of its E-Invoicing mandate, delaying it until April 1, 2024.
Italy:
- Italy is enhancing tax authorities’ ability to verify compliance.
Malaysia:
- Malaysia has changed the timeline for the E-Invoicing mandate, with phased implementation beginning on August 1, 2024.
Poland:
- Poland’s Ministry of Finance is proposing amendments to align the VAT return with the mandatory e-invoicing system, effective from July 1, 2024.
Romania:
- Romania is implementing an E-Invoicing mandate, with details about the timeline.
Spain:
- The timeline for implementing mandatory B2B e-invoicing in Spain remains unclear due to government-related delays.
Other Countries:
- Mauritania, Mauritius, Slovenia, UAE, and Zambia are also making strides towards mandatory E-Invoicing.
Additional Observation:
- Tax authorities are enhancing their ability to verify the correctness of data through various checks and reconciliations.
These developments underscore the global shift towards digitalization and automation in tax reporting and invoicing, reflecting the evolving landscape of financial regulations and compliance.
For more detailed information and updates, you can follow www.vatupdate.com and the relevant LinkedIn pages on E-Invoicing/Real Time Reporting and ViDA.
