- Transition to B2B Capability: The European standard EN 16931, originally designed for B2G (Business-to-Government) invoicing, is being updated to accommodate B2B (Business-to-Business) transactions, with a focus on structured, cross-border e-Invoicing and compliance with the ViDA initiative by 2030. This update is crucial for addressing the complexities of B2B invoicing, such as multiple orders, complex settlement terms, and variable payment references.
- Revisions to Semantic Model and Data Points: Key revisions include enhancements to the semantic model, technical syntax bindings, and the introduction of new compliance-grade data points critical for automated reporting. These changes aim to standardize invoice semantics across implementations, ensuring consistent meanings and facilitating automated validations required by tax authorities.
- Implications for Implementation and Interoperability: The updates emphasize the importance of maintaining interoperability while allowing for controlled extensions (CIUS) to accommodate specific regional or sectoral needs. Businesses will need to adopt a stable EU semantic core while managing jurisdictional differences effectively, as the shift from document exchange to structured compliance data will necessitate robust mapping and validation processes across networks and sectors.
Source: rtcsuite.com
Click on the logo to visit the website
- Follow us on LinkedIn for updates: RTC LinkedIn
- Subscribe to our blog & newsletter: RTC Blog
Latest Posts in "European Union"
- European Court of Auditors Reviews the Single Market and Customs Programme
- EU aims to harmonize tax rules for the financial sector
- Is VAT Payable on Remuneration for Unauthorized Use of Copyright? EU Court Clarifies
- ECJ Rules on Joint VAT Liability for Third Parties in Bulgarian Vaniz Case (C-121/24)
- Ensuring Correct VAT Treatment for Supply and Installation Agreements Across the EU
