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E-Invoicing & E-Reporting: What and why now?

E-invoicing and e-reporting is coming in different shapes and paces on a global level

In a technology-driven world, digital tax obligations are rapidly reshaping global business dynamics, with governments worldwide adopting e-invoicing and e-reporting mandates. Leading the charge in Europe are countries like Italy, Romania, and Poland, each with unique requirements. Join us as we navigate the complexities, guiding businesses through the transformative opportunities and compliance challenges in this evolving digital tax landscape.

What is coming our way?

In a technology-driven world where both authorities and businesses seek immediate and accurate information, digital tax obligations have become increasingly prevalent. In this context, governments worldwide are adopting e-invoicing/e-reporting obligations to ensure real-time data, increased tax compliance, reduction of the VAT gap and further automation of tax audits.

E-invoicing is the process of sending and receiving invoices electronically in a structured data format (e.g., Peppol) which allows for its automatic and electronic processing between businesses. E-reporting on the contrary is the process of electronically submitting tax-related information to the tax authorities. It is often complementary to e-invoicing and requires companies to transmit all information related to their AP/AR invoicing to the tax authorities within a certain timeframe.

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Why now?

Digital tax obligations are emerging at varying speeds and forms across Europe including Italy (live), Romania (January 24), Poland (July 24), Belgium, France, Germany, etc. These countries are poised to initiate further e-invoicing & e-reporting mandates, each with their own requirements and nuances.

This trend is being accelerated by the EU’s VAT in a Digital Age (ViDA) proposal, which will introduce mandatory e-invoice and e-reporting obligations for cross-border transactions throughout Europe.

Why should you act?

As invoicing is a business-critical process, this digital trend creates both compliance challenges and transformation opportunities that demand attention from you. To navigate the digital tax landscape, businesses must make sense of the tax rules and guidelines, analyse the broader impacts on data, systems, and processes, scrutinize different options for supporting solutions, and define a strategy to meet the challenges, including budgets and resources.

Without a clearly defined approach and ownership, businesses risk encountering implementation hurdles, overlooking potential automation benefits, ongoing struggles with future compliance, and increased exposure to tax-related risks. The absence of a coherent strategy could lead to missed opportunities and operational complications in the increasingly digitized financial landscape.

Identifying the optimal approach for your company is a challenging endeavour. We invite you to join us as we navigate the domain of e-invoicing and e-reporting. Together, we will explore these complexities by thoroughly examining the challenges your business encounters.