Finance & Procurement

April 2021: E-Invoicing & VAT compliance updates

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Introduction

Welcome to the April 2021 edition of OpenText’s E-Invoicing Regulation update.

OpenText wants its clients to be informed with the latest information related to the evolution of e-invoicing and VAT compliance around the world.

In alignment with this goal, we are pleased to share the latest changes in the industry.


Compliance news updates

Europe

Albania: Phased implementation of an e-invoicing mandate for B2G, B2B and B2C transactions

Law, No. 87/2019, “On electronic invoices and the turnover monitoring system” has been approved by the Albanian parliament. The law provides for a combination of technology and regulations enabling the Albanian tax authorities to monitor taxpayers’ turnover in real-time.

For B2G transactions the law has entered into force from January 1st, 2021, and is forthcoming as July 2021 for business-to-business (B2B) cashless transactions and September 2021 for all cash transactions (B2G, B2B, and business-to-consumer (B2C)

France: Future e-invoicing model for B2B transactions

In view of the upcoming B2B e-invoicing mandate in France, Le Forum National de la Facture Électronique et des Marchés Publics Électroniques (FNFE-MPE) organised a workshop “Facture Electronique Obligatoire et CTC dès 2023”.

The recording of the session is available on the website of the FNFE (https://fnfe-mpe.org/evenements/conference-en-ligne-art-153/).

Slovakia: Upcoming e-invoicing/real-time reporting system announced

In a recent press release, the Slovakian Tax authorities have revealed a new draft law on sending data to the Financial Administration.

The full text is available on: https://www.skdp.sk/webnew/main.nsf/0/430C1ADDC6CA5CEDC125865C003D7496?opendocument

The Americas

Argentina: Mandatory QR Codes on e-invoices

The Argentine tax authority (AFIP) has issued a general resolution (resolución general 4892/2020) which mandates the use of a rapid response QR code in e-invoices. This QR code should codify the identification of the parties and other essential data of the invoice (date of issue, total amount, currency, ..).

Starting from 1 June 2021, all VAT taxpayers are required to implement QR codes in their e-invoices.

Asia-Pacific and Rest of World

Oman: VAT Executive Regulations published

The VAT Executive Regulations have been issued by the Oman Tax Authority ( Decision 53 of 2021 (in Arabic)) on 14 March 2021, which will allow companies to properly prepare for the introduction of VAT in Oman, starting from 16 April 2021. https://mjla.gov.om/eng/legislation/decisions/details.aspx?Id=1650&type=D


Disclaimer: This newsletter is intended to reflect the direction the industry is moving and does not a reflection a commitment for the OpenText Active Invoices with Compliance (AIC) product development roadmap to meet any particular stated regulations.
LEGAL Disclaimer: The information contained in this newsletter is for general guidance on matters of interest only.  The authors are not herein rendering legal, accounting, tax or other professional advice and the content should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers.  While we make every attempt to ensure the accuracy of the information contained within is from reliable sources, OpenText is not responsible for any errors or omissions, or for any results obtained from the use of this information. All information is provided “as is” with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance and fitness for purpose.  In no event will OpenText or its agents or employees be liable to you or anyone else for any decision made or action taken in reliance on the information in this Site or for any consequential, special or similar damages.

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