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Poland has announced it will implement an 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. system to facilitate smooth business-to-business billing, ensure optimum levels of security and increase its ability to identify tax fraud.
The country’s Ministry of Finance – National Tax Administration confirmed the move, saying it would be particularly effective in flushing out VAT carousels.
E-invoicing delivers a number of benefits for business owners, including:
- The taxpayer can be certain that the invoice has reached the supplier.
- E-invoices are never lost or destroyed, meaning the taxable person has 24/7 access to all details.
- Issuers of e-invoices will enjoy a reduction in the VAT refund from 60 days to 40.
- E-invoices are clear, simple and transparent.
Poland is the fourth country in the European Union to introduce e-invoicing following Spain, Portugal and Italy.
The nation’s Minister of Finance, Funds and Regional Policy Tadeusz Koscinski said e-invoicing is designed to make it easier to run a business, particularly during difficult trading periods such as the current pandemic.
Once the bill has been approved, businesses will issue and receive e-invoices through the central database, the National e-Invoice System (KSeFThe National e-Invoicing System (KSeF) is for entrepreneurs in Poland to issue and receive electronic structured invoices.). They will be able to be issued by any taxable person, who will be able to authorise the issue of an e-invoice in their name and on their behalf.
Anna Chalupa, Deputy Minister of Finance and Deputy Head of the KAS, said: “The introduction of such a solution will contribute to the sealing of the tax system and thus reduce irregularities in VAT accounting.
“It is a tool that will identify tax fraudsters faster and more efficiently, especially VAT carousels. But it will also improve taxpayers’ business conditions by making access to documents easier and faster.”
With any discrepancies in tax determination, calculation and payment set to be identified and prosecuted faster than ever before, businesses trading in or with Poland should take steps to ensure their tax processes are accurate and robust.
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