Highlights of week 12/2024
- Growth Opportunities Act approved on March 22, 2024 — Proposed timeline includes mandatory invoice receipt obligations by January 2025 — Mandatory e-invoicing for companies with annual turnover over 800,000 Euros by January 2027 — Mandatory e-invoicing for all remaining taxpayers by January 2028
- The Spanish government has submitted a revised version of the draft Royal Decree for the “Crea y Crece” initiative, which aims to improve payment efficiency and promote business growth.
- All companies and self-employed individuals in Spain will be required to use electronic invoicing once the regulatory framework is approved.
- Compliance timelines have been updated, with different deadlines for sole traders and legal entities based on their annual turnover.
- The deadlines for compliance will begin after the approval and publication of the Royal Decree in the Official Gazette (BOE), expected to happen within this year.
- Buyers will be obligated to issue two mandatory responses for invoice statuses: acceptance or rejection of the invoice, and full payment of the invoice. There are specific timeframes for these responses.
- The Ministry of Finance conducted consultations on the National e-Invoicing System (KSeF) and revealed the proposed changes based on taxpayer feedback.
- The mandatory implementation of KSeF has been delayed until at least 2025 due to errors identified in the system.
- Key changes include the optional issuance of consumer invoices in KSeF, a self-identification principle for VAT taxpayers, and a simplified process for large organizations.
- The introduction of identification numbers for e-invoices and the liquidation of fiscal invoices and receipts will be postponed.
- Offline mode, allowing delayed submission of structured invoices to KSeF, will be available during the initial period of mandatory implementation.
- The Ministry plans to provide tax explanations, schema for structured attachments, and documentation for IT developers.
- A new draft of regulations will be released in April 2024, with the aim of completing the legislative process by July 2024 and launching the mandatory KSeF in early 2025.
- Croatia is preparing for B2B electronic invoicing through the Fiscalization Project 2.0
- B2B electronic invoicing in Croatia is scheduled to start in 2026
- The country plans to introduce electronic invoicing between companies from January 1, 2026
- The obligation to report national transactions and issue electronic invoices will be introduced
- The UAE is implementing a two-phased e-billing system, with mandatory e-invoicing for transactions exceeding AED 50,000 starting in July 2025 and for all transactions from July 2026.
- Saudi Arabia has implemented a structured e-invoicing plan based on business turnover levels, making it a pioneer in the region.
- Jordan has introduced a nationwide e-invoicing solution aligned with the provisions of the Income Tax Law, while Egypt is adopting e-invoicing in phases with full implementation expected by 2024. Oman plans to launch a voluntary VAT e-invoicing system in April 2024.
- See also – E-Invoicing in the Middle East: Current Developments and Progress
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
Excellent!!