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Remaining current with tax regulatory compliance is a key challenge for all Tax Managers.
The ever-evolving tax reporting and eInvoice landscape means tax teams are often scrambling to ensure they understand and follow the correct procedures to avoid hefty penalties.
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In this blog, we outline the challenges for tax teams, the key eInvoice mandates coming in 2024, and how to tackle them with digital transformation.
The tax compliance headache
Organisations sitting across multiple country territories have every reason to be concerned about changing tax reporting mandates.
For most, these new legislative requirements involve a significant amount of additional administrative work. The cost implication of managing these new processes in-house can be substantial. This is particularly true for large organisations with varying compliance requirements across their business operations.
The complexity mostly lies in the variances between country regulatory requirements. Including data/document formatting, the systems used to submit eInvoices and tax reporting, as well as timeframes for delivery (e.g. Continuous Transaction Controls, or CTCs, otherwise known as Real-Time Reporting).
Despite the significant efforts to introduce global standardisation, such as Peppol, to simplify compliance, varying requirements between different tax authorities remain commonplace. All leading to an administrative headache for the tax and compliance teams.
Key eInvoice mandates in 2024 and beyond
There is no denying the traction that eInvoice legislation has garnered in recent years across global tax authorities.
Much of South America implemented eInvoice legislation a number of years ago. European tax authorities’ adoption of eInvoice mandates is also accelerating. Notable new regulations are imminent. Here is a summary of the key new eInvoice and tax reporting mandates we believe will have the most impact on businesses over the course of the year and beyond.
France eInvoicing: Expansion of existing B2G mandate to include B2B eInvoicing and e-reporting. Initially due to start in July 2024, but postponed to include a trial period beginning in 2025.
Germany eInvoicing: Expansion of existing B2G mandate to include B2B transactions from 2025. However, there are nuances regarding the types of business this new legislation will apply to.
Spain eInvoicing: A new domestic B2B eInvoicing requirement was passed by royal decree in 2023. The roll-out is set for a phased implementation commencing later in 2024.
Poland eInvoicing: Originally due to start phased implementation in February 2026, following a voluntary phase introduced in 2022.
Digital transformation is king
With all these variations between mandates, staying on top of tax regulatory compliance is a tough task.
While some organisations may choose to manage these requirements in-house, many will look to automate. We believe digital transformation is necessary to fully optimise invoice processing. Outsourcing the technical set-up and maintenance of an eInvoicing solution removes most (if not all) of the administrative burden from the tax team. Finding the right solutions provider is central to ensuring adherence to all formatting, reporting and archiving requirements.
Our advice is to onboard with a provider that has demonstratable experience in implementing solutions according to international mandates. It is also worth checking the technologies they rely on and relevant accreditations. For example, Transalis is an accredited Peppol Access Point provider and played an integral role in the EURINV19 initiative. We pride ourselves in our customer-first approach, which always puts the client’s needs at the very centre of the service delivery. Not only do we build our solutions based on your existing business requirements, but we also consider how these may need to be adapted and scaled over the years to come.
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Ready to explore how we can support your business with tax regulatory compliance requirements? Schedule a meeting at a time to suit you with our knowledgeable tax compliance team. You can also call us via 0845 123 3746 (UK callers) or +44 1978 369 343 (international callers), or email directly at sales@transalis.com.