E-invoicing model:
  • Post Audit
Mandatory file format:
  • B2G: EN Compatible by Law, local ISDOC in practice
  • B2B: N/A
B2G requirements:
  • B2G: Under development
Archiving requirements:
  • 10 Year Period
E-signature:
  • Not Required

Summary

Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.

Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.

Updates

01.20.23

  • Country updates
Increase in VAT registration threshold Increasing the VAT registration threshold in a country has multiple fiscal implications- one being the simplification of the VAT process, as a reduced number of businesses will be subject to being caught within the scope of the VAT registration threshold. Small businesses especially stand to benefit.  Of course, countries also need to consider the impact these will have on their economic position.   From 1 January 2023, the Czech Republic will increase its VAT registration from CZK 1 million to CZK 2 million- the latter equating to c. 80,000 Euros. The doubling of the VAT registration threshold represents a significant reduction in the number of businesses falling under the scope of the VAT threshold.  

08.19.22

  • Country updates
VAT registration threshold increase There are multiple reasons why a country may want to increase its VAT registration threshold. In June, we communicated that the Bulgarian government raised the VAT registration threshold to combat rising inflation. The Czech government is proposing a bill to double the VAT registration threshold by a sizeable margin- from CZK 1 million to CZK 2 million (c. 85,000 Euros) per annum. The European Council has provided permission for the Czech government to raise its VAT registration threshold. If successfully implemented, this would take effect from 1st January 2023 until 31 December 2024. The threshold does not apply to non-resident businesses, who must register immediately if providing certain supplies.

04.28.22

  • Country updates
Abolishment of electronic sales recording requirements Electronically recording sales is accompanied by several administrative burdens. Furthermore, the main reason for the introduction of electronically recording sales- cash payment / sales- are decreasing. In fact, non-cash payments are projected to reach 80% by 2025, further reducing the need for electronically recording sales. This phenomenon is taking hold not just within the parameters of the EU but globally too. To this effect, the proposal to abolish the electronic sales recording has been approved by the Czech government. It is expected that the Act on the Registration of Sales, which introduced the obligation for electronic sales recording, will shortly be cancelled.

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