Updates of Tax Obligations from Serbia, Romania, Slovakia, Poland and Denmark

The concept of regulatory changes is increasing by enabling businesses to reduce their workload and grow their profit of the companies. Even though it's highly trending, it's safe to say that the implementation of regulations is relatively recent in many countries. Since e-Invoicing, SAF-T, and other similar systems require policy and legislative changes for the countries, processes may differ depending on the country. Some countries announced they are going through changes however it's common that the adaptation process can be divided into steps. In this article, we shall be going through the alterations to regulations in Serbia, Romania, Slovakia, Poland and Denmark.??

Serbia e-Invoice(called SISTEM E-FAKTURA)

The Serbian Ministry of Finance introduced a new e-Invoice system in 2021 with the Official Gazette of RS, No. 44/2021 and 129/2021. Designed as a clearance model as Italy e-Invoice system. This means that the recipient's electronic invoice has to be reported to the government for validation and? checking.

Issuing, processing, receiving and storing electronic invoices has been mandatory since 2022. Implementation of e-Invoice divided into several steps begins in May 2022 for? B2G and G2G transactions and in July 2022 continues with G2B transactions. As a last step e-Invoice will be mandatory for B2B transactions in January 2023 for all VAT registered entities, foreign companies VAT representatives and Public sector entities. The National e-Invoice system is named Sistem E-Faktura. Electronic invoices must be issued in XML format and transmitted via the service provider or manually uploaded to the portal. The service provider or issuer is responsible for archiving e-Invoices in the required electronic format for 10 years. #Serbia #efaktura #einvoicing #sistemefaktura

Romania e-Invoice (called E-FACTURA? SYSTEM)

The Romanian Ministry of Finance first introduced electronic invoices in 2020 due to the coronavirus spread postponed to 2022. e-Invoice regulation covers B2G and B2B transactions, while all B2G transactions are covered, the obligation for B2B transactions is only for high-fiscal-risk products.

List of the products published by the tax authority(ANAF) and will be updated frequently. For now, vegetables and plants, edible fruits, mineral products, alcoholic beverages, new construction and clothing and footwear are included. RO e-Invoice system named e-Factura system. Electronic invoices must be generated in XML format and uploaded file via automatically(with shared API) or manually. To reach the RO e-Invoice system every taxpayer has to register to the Virtual Private Space (SPV) with a digital certificate. After validation and semantic and systematic checks on the government side, approved or rejected signed XML can be downloaded from the platform in 60 days.?#Romania #einvoicing #VPS #Virtualprivatespace #efactura #ANAF

Romania e-Transport

Additional to the RO e-Invoice system, the RO e-Transport system was introduced in 2022. The main purpose is to monitor? and track the transport of goods with high fiscal risk in national territory to avoid combat fraud and reduce the tax gap. The same high fiscal risk products are under obligation however cast iron, iron and steel are also included.

XML must be generated at least 3 days before transfer and provide information? about the goods transported such as the names, characteristics, quantities, values, loading and unloading places, the details of the transport vehicle used (plate, carrier name, etc.). After submission, a unique number was generated by the e-Transport system and named? the ITU code.? The obligation will be effective from October 2022. Same communication document such as API and same archiving process effective like e-Invoice system mentioned above. #ITUcode #etransport

Romania SAF-T(called Informative Declaration 406)

The Romanian government started tax reporting and fiscal control with a Standard audit file which is named Informative Declaration 406. Implementation of the SAF-T report is divided into several phases due to the size of the companies. The first wave begins with the first group of large taxpayers in January 2022 and the second cycle of large taxpayers is responsible from July 2022. The obligation will cover medium and small taxpayers in 2023 and 2025 respectively. The grace period of the monthly SAF-T reports expanded to 12 months however there is no grace period in the Asset and Stock report. The D406 Asset report contains accounting data for the company's fiscal year and the first report will be submitted in May 2023 and contains 2022’s? accounting record. The D406 Stock report is an on-request file that is submitted when the tax authority requests it and taxpayers have at least 30 days to upload it. #SAFT #D406

?Slovakia e-Invoice(called E-faktúra)

The Slovakian Ministry of Finance published the Draft law about implementing electronic invoices in 2021. The new implementation timeline launched in May 2022 with the updates full implementation will be completed with B2G, B2B and B2C transactions in 2024. All electronic invoicing process manages by the Slovakian Electronic Invoice Information System (IS EFA)

The test phase started in June 2022 to process and check the prototype of the IS EFA which is a platform developed by the government and OpenAPI.

The first implementation begins with ?B2G, G2G, and G2B transactions in January 2023. Followed by B2B and B2C transactions expected to be in 2023 or 2024. Electronic invoice created in XML format in line with the UBL 2.1 standard. #Slovakia #ISEFA #efaktura #einvoicing

Poland e-Invoice (called E-FAKTURA)

The Polish Ministry of Finance announced that they are designing a new national e-Invoicing system similar to Italy. This means Poland's e-Invoice system which is named e-Faktura is an example of a clearance model. B2G e-Invoices are already mandated however B2B and B2C e-Invoices will be mandatory from ?January 2024. Different from each other B2G e-Invoices transmit via PEF which is a government portal, but transmitting B2B and B2C e-Invoices are via KSeF. All VAT registered entities are responsible for both Inter-community and Cross-border transactions. Invoices are generated in XML format and sent to KSeF via a shared API.

Issuing, processing, receiving and archiving electronic invoices will be mandatory from 2024. For now, generating e-Invoices is optional,? the government presents? advantages to encourage taxpayers such as decreasing VAT returns, exemption from the JPK_FA structure and archiving e-Invoices in a central database.? #Poland #KSeF #einvoicing #efaktura

Poland SAF-T(called JPK_VAT)

The Polish Standard Audit file is named JPK_VAT which consists of accounting data of the company and VAT declaration and transactional VAT records. Poland JPK_ VAT must be generated in a specific XML file. JPK_VAT is divided into two reports called JPK_V7M and JPK_V7K which have been effective since January 2022. JPK_V7 M is submitted monthly and JPK_V7 K is submitted T quarterly. #JPK #SAFT

Denmark e-Invoice

The Danish parliament approved a new accounting law which is called the New Bookkeeping Act in May 2022. The main purpose of the new digitalization process is to avoid waste of time,? human errors such as calculation errors and VAT frauds. With the new act, companies supported the implementation of e-Invoices such as issuing, processing, submitting and receiving invoices or other financial documents in an electronic format. The new bookkeeping act will come into force? on 1 July 2022 however the digital accounting obligation is expected to begin in January 2024. All? private entities even though foreign businesses which have branches in Denmark are under regulation. The timeline is divided into several steps according to business turnover like? companies that have an annual net turnover of more than DKK 300,000 from 1 January 2026.

Non-accounting companies which have a net turnover of over DKK 300,000 will join on 1 July 2026. #Denmark #Newbookkeepingact

Even though regulations and the ongoing unique changes can be challenging for companies, the beneficial consequences of updating to modern solutions are inevitable. Regulatory changes are becoming more default standard all over the business world such as many companies refusing to accept paper invoices because of the benefits of e-Invoicing. This is valid for the other new solutions and it seems like this change will continue to grow in the future. So, it’s significant for companies to accept and keep up with changes.