- Legislative Framework and Implementation: Cyprus has transposed Directive 2014/55/EU into national law, mandating the use of electronic invoicing (eInvoicing) for public procurement. Central authorities have been required to process compliant eInvoices since April 2019, while sub-central entities must comply from April 2020.
- Current Status and Future Plans: A centralized eInvoicing platform is expected to launch in 2024, transitioning the current manual processing system to an automated one. While eInvoicing is mandatory for public contracts, the timeline for extending this requirement to B2B transactions remains under discussion, with efforts underway to support SMEs in adapting to the system.
- Benefits and Challenges: The implementation of eInvoicing is anticipated to yield cost savings and process automation benefits at sub-central levels. However, challenges persist, including the need for awareness and compliance among businesses, as well as the lack of a mandatory framework for B2B and B2C eInvoicing, which are still being evaluated for future integration.
Sourceec.europa.eu
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
