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E-invoicing is the talk of the finance fraternity right now, but what does 2024 have in store for tax teams seeking to ensure compliance with all the latest regimes and rules?
We’ve provided a quick round-up to 10 countries where e-invoicingElectronic invoicing - widely referred to as e-invoicing - is the exchange of a digital document between a supplier and a buyer. E-invoices are issued, transmitted and received in a structured data format that enabled automatic and electronic processing. They contain data in a machine-readable format so that an AP system can read an invoice without manual data entry, leading to faster and more efficient invoicing. is very much on the agenda this year and could soon be implemented.
Romania
Between January and June, Romania intends to implement a real-time regime for reporting invoices. All e-invoices relating to domestic supplies will have to be submitted in XML. Penalties for non-compliance are expected from July.
Philippines
Following a successful rollout to about 100 of the country’s largest taxpayers, mandatory VAT e-invoicing is due to be introduced for all businesses. This will be based on a system featuring live listings of transactions that are automatically shared with the Philippines Bureau of Internal Revenue.
Zambia
Zambia is reportedly planning to introduce an e-invoicing system. Tax authorities in the country are keen to eradicate VAT fraud.
Botswana
The government last year announced it is working to introduce an e-invoicing regime within its 2023-24 budget. It remains committed to the plan, which it believes will help to improve VAT compliance.
Dominican Republic
Mandatory e-invoicing is due to be rolled out in the Dominican Republic between 2024 and 2026. The process will begin with large national businesses in three waves on 15th January, 15th March and 15th May, before smaller organisations must comply in 2026.
Austria
Austria is planning to relaunch its SAF-TSAF-T (Standard Audit File for Tax) is a file type based on the XML standard. It is created in a standard readable format from data exports taken from accounting records. SAF-T is used internationally to ensure the fast and secure digital transfer of tax information. It is known for its high level of security, ability to simplify the collection of tax data and simple readability due to its standardised format. reporting model, which has been used sparingly on an on-demand basis in recent years. Authorities could make it mandatory in 2024 and the SAF-T system may be deployed as an alternative to regular e-invoicing.
Israel
Following a three-month delay, the phased introduction of e-invoicing is due to commence on 1st April. The implementation will cover five stages and will be completed by 2028.
Poland
KSeF B2B e-invoicing is set to launch on 1st July, with the Ministry of Finance due to provide instructions for overseas businesses that will be covered by the new mandate. The Polish national accountancy body, SKwP, has previously called for a delay to the implementation.
Malaysia
A three-phase launch of e-invoicing is currently scheduled to begin in August and run until July 2025. It will start with taxpayers generating annual revenue of more than MYR 100 million.
Oman
Oman plans to introduce e-invoicing on a voluntary basis, perhaps as soon as April. However, the requirement is likely to become mandatory from October. It comes just three years after Oman became the fourth of the six Arab Gulf nations to implement VAT.
