Do you need to invoice businesses in Cyprus?
If you answered yes, you may need electronic invoice processing.
Transalis eInvoice™ is a trusted provider of digital invoice processing with companies in Cyprus
More and more countries, including Cyprus, are looking for new ways to streamline their processes, eliminate tax avoidance and collect more VAT. Already across the EU, government and public sector organisations are required to use B2G eInvoice processing, and B2B suppliers are being encouraged do the same.
An eInvoice solution from Transalis will streamline your invoice processing with trading partners in Cyprus.
- Reduce time spent on administrative tasks
- Improve accuracy and minimise disputes
- Remain compliant with complex cross-border regulatory and tax requirements
- Automate invoice validation
- Speed up the entire billing process
eInvoicing in Cyprus
eInvoicing with Transalis eInvoicing in Cyprus
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If you have any questions just get in touch. Our team of expert consultants are on hand to help with anything you need.
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Cyprus eInvoicing regulations
Cyprus businesses must accept eInvoices provided their Integrity and Authenticity (I&A) can be guaranteed. This can be done for example by means of Qualified Electronic Signature, “proper EDI” with an interchange agreement based on the European Commission 1994 Recommendation and business controls ensuring a reliable audit trail linking an invoice and a supply. Legislation explicitly states that if an invoice is in electronic form, data ensuring the I&A of the invoice must be stored by electronic means.
In total the European VAT gap is approximately EUR 140 billion every year. This represents a loss of 11% expected revenue in the block. For several years, the EU has been gradually introducing new rules, including the mandatory use of B2G eInvoicing, to ensure that VAT on services is more accurately accrued.
Transalis is part of EURINV19, one of just 12 EDI solutions providers across Europe to pass a rigorous new electronic invoicing standard.
Source: VAT Trends Report: Sovos 12th Edition 2021