News Submission of information on VAT at real time and electronic invoicing
Real-time reporting related to VAT information
Shorter tax periods appeared to be one of the most effective tools to combat VAT. These days, there are quarterly and monthly payers in the Czech Republic; Control Statements are also helpful when it comes to faster tax control. However, other countries are beginning to report even faster. In the end, the real-time reporting at the moment of invoice issue or receipt will probably, or most likely, be the solution.
New system in Spain
A new system, which has been implemented in Spain as of July 1, 2017, significantly shortens the reporting period to four days from the issue or receipt of the invoice. About 64 000 companies, the VAT payments of which make 75% of the VAT collection, are now reporting under the new system.
Information is reported through SML files; the issued and received invoices reported are subsequently matched and controlled by the tax administrator.
Hungary introduces new system as well
Hungary is also introducing new system as of July 1, 2018, which shortens the time for reporting of invoice details to 24 hours.
Future of VAT collection in the EU
The introduction of electronic invoicing has been underway for several years now. Many countries, including e.g. France, are already introducing the e-invoicing for selected entities (G2G, B2G or B2B transactions of large entities; gradually the obligation will be extended to small entities and B2C transactions as well).
We will keep on informing you about the further development related to digitalization and automation of tax and accounting areas.
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