- Revamping VAT Reporting: Ireland is modernizing its VAT declaration system through a public consultation focused on how digital advancements can enhance invoicing and VAT reporting efficiency, aiming for a comprehensive report to guide future actions.
- Proposed Digital Changes: The government plans to introduce mandatory electronic invoicing and reporting for intra-community transactions, standardize digital reporting requirements, and explore Continuous Transaction Controls (CTC) models to improve compliance.
- Current Electronic Invoicing Standards: While electronic invoicing is not currently mandatory, any system used by VAT-registered businesses must comply with specific criteria, including proper record generation, storage, accessibility, and maintaining the integrity and authenticity of documents for audit purposes.
Source: edicomgroup.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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