- The German Federal Council (Bundesrat) has approved the Growth Opportunities Act (Wachstumschancengesetz), paving the way for the phased introduction of mandatory electronic invoicing (E-Invoicing) in Germany.
- The implementation will begin with a receipt obligation for invoice recipients in the B2B sector from January 2025.
- The standardized formats chosen for this transition are XRechnung and ZUGFeRD, which aim to streamline the invoicing processes significantly.
- The mandatory implementation of E-Invoicing using these formats is estimated to increase tax revenues in Germany by over ten billion euros annually.
- The move to electronic invoicing is intended to improve tax compliance, close the VAT gap, and enhance digitalization in German companies’ business processes.
Source RTCsuite
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