Latest in E-Invoicing and Regulatory Shifts
Welcome to our biweekly newsletter, your essential source for the latest updates on global tax compliance and e-invoicing. Stay informed about key regulatory changes, industry trends, and innovative solutions in countries like Portugal, Spain, Lithuania, Zambia, and Malaysia that can help your business stay compliant and efficient in a rapidly evolving landscape.
Updates on E-Invoicing Compliance
Businesses in Portugal will have to make sure that all PDF invoices include a valid electronic signature by January 1, 2025, to comply with new regulatory requirements. PDF invoices may be utilized up until December 31, 2024, by the extended law of the Assembly of the Republic Article 182.-A.
After this date, to improve the security and dependability of electronic invoices, invoices shall adhere to the authenticity and integrity standards specified in Article 12 of Decree-Law No. 28/2019.
Mandatory B2B e-invoicing in Spain has advanced, with the European Commission approving the country's draft legislation this month. This regulation addresses delayed payments and liquidity issues for businesses.
While Spain awaits final approval from the European Commission, the target launch date for e-invoicing is set for 1st July 2025, with a phased implementation. Large businesses with turnovers over €8 million must comply by July 2025, followed by all other taxpayers by July 2026.
Starting July 1, 2024, invoices to public sector entities and contracting authorities in Lithuania must be submitted through the General Information System for Account Administration (SABIS). These invoices must comply with the European e-invoicing standard per Directive 2014/55/EU.
The National Centre for General Functions (NBFC) is modernizing SABIS and promoting e-invoicing via the PEPPOL Network. More information and technical documentation are available on the SABIS website.
Zambia is revolutionizing tax compliance with the introduction of the Smart Invoice system. Starting July 1, 2024, all VAT-registered businesses must adopt this software-based solution, replacing the current Electronic Fiscal Devices (EFDs).
?Key Highlights:
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